Cause He’s The Taxman

BIDEN’S AMERICAN BANKRUPTCY PLAN IS A RECIPE FOR DISASTER WITH MASSIVE SPENDING AND TAX HIKES

Just months into his presidency, Biden has already proposed over $3 trillion in tax hikes.
- This is double what Hillary Clinton proposed, and is the largest proposed tax hike in recent history.
Biden’s spending plans total more than $6 trillion, spending that taxpayers would eventually foot the bill for.

BIDEN WANTS TO GIVE $80 BILLION TO THE IRS

Biden wants to give $80 billion to the IRS for “increased tax enforcement,” which he claims will raise $700 billion over 10 years.
This is false, as even liberal experts admit it is “very unlikely” it will raise even close to this amount.
- The Congressional Budget Office (CBO) estimated that a $40 billion increase in IRS funding would only boost revenues by $103 billion.
- Even Obama’s IRS chief John Koskinen said, “I’m not sure you’d be able to efficiently use that much money,” and called for less than a third of what Biden wants in new funding.

BILLIONS FOR THE IRS, HEADACHES FOR TAXPAYERS

Biden’s IRS on steroids will “create new headaches for banks, financial institutions, and anyone who uses them.”
- Biden’s plan would “require banks and other third-parties to report more information on taxpayers.”
- Under the Obama-Biden administration, the IRS admitted to targeting conservative groups.
- Johns Hopkins economist Steve Hanke has said many of the “hidden costs” of giving the IRS more money fall on taxpayers.

BIDEN’S LATEST PROPOSAL INCLUDES A LITANY OF TAX HIKES

At least eleven tax hikes are in Biden’s American Bankruptcy Plan.
The most recent installment of Biden’s American Bankruptcy Plan includes multiple tax hikes:
- The plan would raise the top personal income tax rate from 37 to 39.6 percent.
- It would increase the top capital gains tax rate to 39.6 percent (43.4 percent with investment tax added), which is higher than that of communist China and would make the capital gains rate the highest in a century for many.
- Expand the 3.8 percent Medicare tax, a tax that Biden himself dodged to save $500,000.
- Repeal step-up in basis, essentially a “second death tax” on many small businesses and families.
- Hiking taxes on real estate transactions by repealing like-kind or “1031” exchanges, a hike that will hit small businesses and investors.
- Eliminate the current treatment of “carried interest” by taxing it as ordinary income.
In total, this $1.8 trillion tax and spend plan is estimated to be even higher, with a new study from the Penn Wharton Budget Model projecting it will cost $700 billion more than advertised.
- Biden’s plan would shrink the economy, reduce private investment, and reduce American workers’ hours.