Biden’s Budget Proposes $4.7 TRILLION in New Taxes

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“No new taxes” the POTUS said. The American taxpayer, enslaved by a corrupt, totalitarian government, cannot bear this impossible burden.

Here are the details – thanks to US Senator Candidate Mike Crapo

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President Biden’s $4.7 Trillion Tax Hike

Plus, a supersized tax collector

Washington, D.C.–After two years of policies that have led to record-high inflation and excessive deficit spending, the Administration is doubling down with more of the same ‘cutting room floor’ tax-and-spend proposals that fail to deliver what Americans want or need, and have been rejected by both political parties.

“The President’s budget calls for nearly $5 trillion in new and increased taxes,” said Senate Finance Committee Ranking Member Crapo.  “If realized, these plans would create a tax regime that would lead to some individuals handing over more than half of their paychecks to the government, and many American businesses doing better off being headquartered overseas.  Not surprisingly, the budget also requests even more ‘spend first, plan later’ funding for the IRS for enforcement and compliance operations, which will further squeeze hardworking Americans while doing nothing to make the IRS more service-oriented and taxpayer-focused.  In his State of the Union address, President Biden repeatedly said, ‘let’s finish the job.’  This budget shows hardworking taxpayers exactly what they can expect.”

Main Street Job Creators Hit with $1.8 Trillion in New Taxes

  • Expands the Small Business Surtax to hit owner-operated small businesses with a $650 billion tax hike.
  • An additional $235 billion in taxes for non-corporate businesses through an increase in the top individual tax rate.
  • Nearly one million small businesses organized as “C” corporations will face a tax rate that is 33 percent higher.

The Highest Personal Income Tax Rate Since 1986

  • When combined with surtaxes, the President’s budget calls for hiking the individual federal income tax rate up to its highest level since 1986, nearly 45 percent.
  • In addition to raising the rate, the proposal also lowers tax brackets by hundreds of thousands of dollars, thereby pushing tax increases downward on even more hardworking Americans.

An Expanded Death Tax Will Break Up Family-Owned Businesses

  • Biden’s $77 billion in death tax increases will force family farms, ranches, and other generational businesses to sell off assets to pay an enormous tax bill to Washington.
  • In addition, Biden has revived his plan for a second death tax by forcing heirs to pay an additional tax on their predecessors’ paper gains (including on the inflation that the President’s spending policies will likely stoke).

A Business Tax Regime that Gives China the Upper Hand

  • Despite negotiating a 15 percent global minimum tax rate for the rest of the world, the President’s budget calls for leapfrogging the global minimum tax rate for domestic businesses to 21 percent, giving our biggest foreign competitors—like China—the upper hand to undercut America’s ability to fairly compete.
  • The budget also calls for hiking the domestic corporate tax rate to 28 percent.  When combined with state and local taxes, many companies would face an income tax rate far higher than that. By comparison, China’s (25 percent) and Europe’s (average 21.7 percent) much lower corporate tax rates help insulate their businesses and force American businesses to compete on unfair terms.

A Supersized IRS to Help Collect

  • The budget requests an astounding $43.2 billion more for the IRS, in addition to the $80 billion the IRS already received from the Inflation Reduction Act.  Of the $43.2 billion:
    • $14.1 billion comes from the annual budget request for FY2024.
    • An additional $29.1 billion comes in the form of supplemental funding for enforcement and operations.
  • Congress’s nonpartisan scorekeepers have already confirmed the IRS cannot collect estimated revenues without auditing those making less than $400,000 per year.  Legislative proposals to prevent those individuals from increased audit rates have been rejected by Democrats.

A Continued War on American Energy

  • American energy producers (and consumers) are struck with a new $37 billion tax hike, which will cut jobs, raise prices at the pump, and increase our reliance on foreign oil.
  • Biden has drained hundreds of millions of barrels of oil from our strategic reserve, leaving us with the smallest reserves since 1983.

A Tax on Savings and Investment

  • Quadrupling the brand-new stock buyback excise tax, needlessly harming Americans who save, invest, or participate in retirement plans.
  • Taxing stock buybacks artificially hampers business decisions about how best to use funds.  It ends up harming Americans who have their life savings invested in 401(k)s, IRAs and the stock market.
  • Even Warren Buffet has pushed back on those attacking stock buybacks, saying they are “either an economic illiterate or a silver-tongued demagogue.

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Zeus
Zeus
1 year ago

Our enemy couldn’t conquer us with their own army so they’re conquering us with a foreign controlled central bank and every influence of it.

TomSJr
TomSJr
1 year ago
Reply to  Zeus

It is gonna take more than THAT to conquer all of us. THE MAJORITY OF US HAVE GUNS.

Staff Sgt
Staff Sgt
1 year ago
Reply to  TomSJr

The majority of us will not be afraid to use them either starting with me.

TomSJr
TomSJr
1 year ago

I STILL DON’T UNDERSTAND WHY THE GOP IS NOT IMPEACHING THIS TYRANT IN THE WHITE HOUSE AND ALL HIS MINIONS BEHIND THE SCENES PULLING HIS STRINGS.

WHAT IS WRONG WITH YOU REPUBLICANS?

Staff Sgt
Staff Sgt
1 year ago
Reply to  TomSJr

Seems like they are talk and no action.

Snowedin
Snowedin
1 year ago
Reply to  Staff Sgt

Staff Sgt, You are correct. The GOP RINOs have been Spineless for too long.

Buzz
Buzz
1 year ago
Reply to  Snowedin

Not just the RINOs ALL OF THEM!

Buzz
Buzz
1 year ago
Reply to  TomSJr

Well pregnant women are much easier to harass!

Staff Sgt
Staff Sgt
1 year ago

Troll who is down voting us, better make sure you look over your shoulder! You never know who is watching you or know who you are or have your address. Tactical advantage is no joke and as well as a skilled____ hacker. What comes around goes around!

Last edited 1 year ago by Staff Sgt Chaos
Snowedin
Snowedin
1 year ago

This is just another one of their agendas to make us Poor, Eat Bugs, and be Happy.

Tesla_rules
Tesla_rules
1 year ago
Reply to  Snowedin

I think the Rod Taylor film “HG Wells’ The Time Machine” gives a better prediction of the future. The American people, who will soon be known as the Eloi, will be like grass fed cattle for the Democrat hierarchy known as THE Morlocks. Just like with Covid the Morlocks will turn on the sirens and the Eloi will go into a trance to become dinner.

Keith1941D
Keith1941
1 year ago

It would be very disappointing if any readers of Geller actually believed ANY democrat’s promise of “no new taxes” or not raising any existing taxes.

Tesla_rules
Tesla_rules
1 year ago
Reply to  Keith1941

They probably just Democrats and have never read the Communist Manifesto so they will never have heard of the intent to destroy the middle class with taxes. The Democrat have been working on that end since Woodrow Wilson passed the Federal Reserve.

Robert L. Kahlcke
Robert L. Kahlcke
1 year ago

It doesn’t matter as long as the BIG GUY, gets his 20%.
Lets Go Brandon, that’s the one on Brandon Falls Road.

Tesla_rules
Tesla_rules
1 year ago

The American people will soon get to find out what the German people experienced in the 1920 and 1930s. Germany had hyper inflation due to war reparations, but the Democrat voters have voted for hyper inflation in America.

Anyone that wants to see America’s future should read John McManus’ book “Financial Terrorism”. In the 1980s I worked a German engineer, who also had served in the German Army during WWII. Reading the McManus book will reveal an American living in Portland, OR, who had money in a German bank and what happened to his money. It was not pretty.

HardrockD
Hardrock
1 year ago

It’s funny reading comments from some of the Gung Ho gun owners. They want to fight against an invasion force but NOT their own Traitorous Government that is destroying the country. They have more than enough reasons to launch a revolution to take back the country. But they just like beating their chests a little and that keeps them under control. They really enjoy being on their knees.

edD
ed
1 year ago

KENNEDY: “Isn’t it a fact that the President’s proposed budget proposes $4.7 trillion in new taxes?”

YELLEN: “It does propose significant additional taxes, yes.”

KENNEDY: “$4.7 TRILLION?”

YELLEN: “Something like that, yes.”

KENNEDY: “Could you PLEASE WAKE UP and ANSWER THE QUESTION ?!?!?!”

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