(UnitedVoice.com) – If Joe Biden wins in November, you may want to secure your wallet in a lockbox until it’s safe to come out. Late last week, Biden released a broader strategy that would increase taxes and regulations, and hurt trade. On Tuesday, July 14, Biden announced a radically new economic infrastructure and green jobs plan that could cost as much as $2 trillion.
As his spending ideas to transform America grow wildly out of control, the former vice president is going to need a massive tax increase to pay for it. That’s precisely what he’s promising to do.
Some tax increases might be helpful if Biden were promising to return to fiscal sanity, maintain the value of the dollar, balance the budget, and decrease the national debt. Unfortunately, he’s running in the opposite direction. Biden’s wish list of far-left objectives would require massive new taxation and he’s guaranteeing to do all he can to increase what you pay to Uncle Sam.
What’s in Biden’s Tax Plan?
In 2017, President Trump’s tax law widened tax brackets and simplified how taxpayers file every year. It’s set to expire on December 31, 2025. When it does:
- Marginal tax rates for families will double
- The standard deduction will be cut in half
- The Alternative Minimum Tax will return
- Capital gains tax will rise to 39.6%
- Estate taxes will double
- Business income deductions will disappear for small business owners
Retirees will be hit with some of the highest growing tax rates. If a retiree receives social security and has other income, tax rates could jump as high as 46% to 56%. That could be crippling to seniors.
Unfortunately, this isn’t all there is and Biden isn’t done scheming on how he will destroy the economy.
Green New Deal
Undoing the 2017 tax plan is just the start. Rep. Alexandria Ocasio-Cortez (D-NY) co-chaired the Biden-Sanders task force on climate change and Biden is all-in on the far-left plan. His coordinated effort with the radical Left means a giveaway to big unions, new environmental taxes, and the elimination of middle-class jobs in the energy sector.
In his speech on Tuesday, July 14, Biden attempted to link the environment, economy, and public health together. Regarding social justice, he said pollution disproportionately leaves communities of color with chronic health issues. He blamed business for hurting the health of minorities and said, “We need to be mindful of the historical wrongs and damage” companies have done.
Additionally, Biden called for the replacement of government vehicles that use gas with electric cars, adding 500,000 charging stations along federal roads, upgrading 4 million buildings, weatherizing 2 million homes, and grants for factories.
If that weren’t enough, the former vice president also called for creating another massive government agency to enforce federal laws and regulations. The Environmental and Climate Justice Division would be housed under the Department of Justice (DOJ). Whatever happened to the Environmental Protection Agency (EPA)?
Devastating Effects on the Economy
Biden’s ideas, if implemented, would create a massive tax hit for individuals, families, and businesses. According to the nonpartisan Tax Foundation, his hard shift left to satisfy the radical Progressive Liberals would reduce the economy by 1.51%, cause all workers to lose income due to higher taxes, and lead to 585,000 fewer full-time jobs.
Who would benefit from Biden’s economic agenda?
Financial advisers, probate attorneys, accountants, insurance agents, tax attorneys, and Wall Street Bankers will reap a windfall.
Not the American people.
If a sold-out President Biden is in office come January, you’ll need some of these professionals to help you protect your money.
By Don Purdum, Freelance Contributor
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