Anti-American
Biden’s tax hike proposals have caused quite a stir and for good reason.
Anyone who’s awake to the effects of raising taxes on businesses and citizens alike knows this is the antithesis of economic boom and recovery. Tax hikes spell out disaster, lackluster innovation, decreased production, lower family incomes and less investment.
For a country who is already struggling to rebound from the effects of the pandemic, tax hikes are not only counter-productive, they’re anti-American.
Newt Gingrich said on Sunday the Biden Administration is “the most anti-American presidency in our country’s history.” This is a tough title to hold being we all lived through 8 years of the Obama administration however, Biden is beginning his presidency with flying colors in this regard.
On the heels of Biden’s plans to double the capital gains tax rate to 39.6%, and an existing surtax on investment income, federal tax rates for investors could be as high as 43.4%. Upon this news, the stock market tanked, with the dow falling a staggering 250 points, and reality sinking in.
Commenting on this proposal, former Trump Chief Economist Larry Kudlow says President Biden’s tax plan is an “assault on investment.”
Melting the Middle Class
When Americans can’t work (due to the pandemic and/or a deficiency of work) they turn to investments for income. The Biden Administration sees this clearly and is doing what they can to harm us in every way possible.
“There’s some pretty tough headwinds ahead if these taxes, which are an assault on investment … and the people they are going to hurt the most are the middle class, the blue collar middle class, [who will bear] 70% of the burden of the corporate tax, which includes the capital gains tax, 70% of that burden falls on the blue-collar middle class. Make no mistake about that Biden rhetoric notwithstanding,” Kudlow on Sunday told John Catsimatidis on his radio show, “The Cats Roundtable ” on WABC 770 AM.
The left has convinced America they are in it for the underdog, the middle class, the working people… and some believe them. If you stop listening to what the democrats and Biden are saying and solely look at their actions, proposed changes and executive orders, you will see the exact opposite.
It is the ever-decreasing middle class that will be most affected by this tax proposal. The blue collar worker inherits the burden, not the rich, not the Wall Street players, not the big banks.
Killing Small Businesses
“The rest of the Biden plan – they’re going to remove the 20 percent deduction for small LLC, S-Corp, you know, wholly owned enterprises, unincorporated, 20 percent deduction is gonna be disallowed along with the hike on the C-Corps to 28 percent, and the 21 percent tax on U.S. funds held overseas. These are gigantic tax hikes and I just summarized it. It means less investment, less capital formation, it means less innovation and invention and research and development. It means fewer wages and lower family income,” he said.
The media doesn’t tell us about this trickle down affect that will lead to businesses hiring less and paying workers lower wages, less investments into innovation and production and less money being taken home by the blue collar worker.
“You’re going to take about 20 to 25 percent of corporate profits down. Now, that means less investment, that means less money to payout wages, that means less money to purchase new machinery and equipment to enhance productivity, and that means family incomes are gonna go down. That’s the cap gains tax, which runs through corporate profits taxes,” said Kudlow.
The Destruction of Trump’s Booming Economy
Under President Trump the economy was in a boom. We saw record low unemployment numbers, less Americans dependent on the Welfare system and more jobs being brought back to the US.
So why does Biden want to destroy this progress? Why does he want to stifle the growth and boom experienced by Americans?
He wants to make more people dependent on the government. The more dependent we are the easier we are to control. This is what they are really after. Not freedom and liberty for all. They are after socialism and a controlled state.
“Why would you start taxing the daylights out of an economy that is roaring ahead? I don’t get it,” concluded Kudrow.
There is nothing to get. The taxes are meant to hurt Americans and kill the economy.
Are you playing roulette with your retirement?
The dollar is collapsing before our eyes. The purchasing power of the US dollar has tanked to record low levels and higher taxes will come for retirement accounts.
Thousands of Americans are getting their money out of the hands of this tyrannical government and taking back control of their wealth from the hands of banks and government control, including us.
Savings have turned into wealth preservation investments where the socialist democrats can’t harm them.
Financial advisors lost their clients $2.4 TRILLION during the 2008 crash and not a single one saw the writing on the wall.
$2.4 TRILLION DOLLARS disappeared from retirement accounts, with many retirees never fully recovering.
Please do not be one of these people. You have been warned, time and time again. We are screaming this from the rooftops and those that have heard us are safe from the disaster ahead, but are you?
