Advocacy / Government Watch / Taxes

Bad Ideas: A Comprehensive List of All Tax Hikes Proposed by Democrats and the Administration So Far

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Are you having trouble keeping up with the growing list of tax increases being proposed? We don’t blame you. With bad ideas being thrown around right and left, AMAC Action is here with a list of them all.  

Earlier this year the Biden administration released two plans that represented the President’s agenda. Interestingly dubbed the American Jobs Plan and American Families Plan, though most economic projections show the plans would kill jobs and hurt working families, these outlines included a number of tax hikes.  

Biden’s American Jobs Plan tax increases 

  • Increase the federal corporate tax rate from 21 percent to 28 percent and tighten inversion regulations. 
  • Raise the tax on Global Intangible Low Tax Income (GILTI) to 21 percent, calculate it on a country-by-country basis, and eliminate the exemption of a 10 percent return on tangible investment abroad (QBAI). 
  • Impose a 15 percent minimum tax on corporate book income, which would be levied on a firm’s financial profits instead of taxable income for firms with revenue over $100 million. 
  • Repeal the Foreign-Derived Intangible Income (FDII) deduction, which incentivizes firms to move intellectual property (IP) into the U.S. 
  • Provide a tax credit for certain onshoring activity and deny expense deductions on jobs that were offshored. 
  • Increase corporate tax enforcement. 
  • Eliminate certain deductions and credits for the fossil fuel industry 

Biden’s American Families Plan tax increases 

  • Raise the top marginal rate on individuals to 39.6 percent 
  • Apply ordinary income tax rates to capital gains income of individuals with more than $1 million in taxable income 
  • Tax unrealized capital gains at death with a $1 million exemption for single filers and $2 million exemption for joint filers, with additional exemptions for certain types of assets 
  • Apply the 3.8 percent net investment income tax to all income above $400,000 including active pass-through income 
  • Make permanent the 2017 tax law’s 4639(I) limitation on pass-through businesses’ losses above $250,000 for single filers and $500,000 for joint filers 
  • Limit 1031 Like-Kind Exchange deferral for gains above $500,000 
  • Tax carried interest as ordinary income 
  • Increase individual tax enforcement and enact new reporting requirements for financial institutions 

But wait, that’s not all! Both the House and Senate tax-writing committees also recently submitted their tax “pay-fors” for full Congressional consideration. While many of the provisions overlap with Biden’s plans, Congress has managed to come up with even more tax hikes to pay for their social spending bills.  

A few of Congress’s additional bad ideas include:  

A new double death tax on capital gains at death  

Backdoor changes to business valuation rules, forcing more families to pay the death tax  

New tobacco taxes, hitting those making under $400,000 

A “mark to market” plan to tax unrealized capital gains every year 

A provision to study a “per mile” tax on driving, which could eventually be implemented  

New restrictions for IRAs  

Wow, that’s over 20 tax increases at a time when many small businesses are just struggling to keep their doors open. At AMAC Action, we are helping our allies on the hill push back. AMAC Action supported Republicans as the media attached them for not helping Democrats by raising the debt ceiling and our members have helped contribute to the current stalemate over tax hikes on Capitol Hill. Now is no time to raise taxes on America’s seniors and small businesses.  

Bob Carlstrom is President of AMAC Action 

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David Millikan
1 month ago

Biden is doing everything Stalin did by the book. Pushing Communism and turning the United States into Socialist Venezuela as of this comment.
The American people are drinking the Kool Aid while our country is being destroyed. Staying home for a free check which isn’t free. They are cutting their own throats in the long run. ALL the Illegal Aliens Biden let in will take their jobs for half the pay. Then what will you do?
On November 29, 2021, Biden OPENS the Southern Border and ZERO DEPORTATIONS.
Still think sitting around is a good idea?

Raymond L Forzano
2 months ago

Because the 3.5 trillion dollar bill won’t cost you anything.

Lee S McQuillen
2 months ago

Just another step in the process – taking everything we own as they go, which is their plan.

Paul Brown
2 months ago

It is like I said to a friend who said they were going to raise taxes on the rich, i said that means everyone will be taxed again. She coulldn’t understand that, when they say tax the rich, it all trickles down to everyone then. We the middle class or poor class get screwed as always.

Mike
2 months ago

Is the per mile tax on driving because electric cars (Tesla) don’t use gasoline which has a Federal (and state) tax on it for roads & bridges?
Might be a new climate tax.
Would regular cars/semi-trucks have to pay both, mileage tax and gasoline (or diesel) tax? A double tax on transportation would really drive up the cost of goods.

Theresa Coughlin
2 months ago

The so-called American Jobs Plan should be called the Kill American Jobs Plan. The American Families Plan should be called the Financially Bleed American Dry plan. These monstrosities will only benefit the government at the expense of the taxpayers for whom House and Senate Democrats and the Biden administration have no regard even though they (taxpayers) have to pay for it. Both of these terrible plans need to be killed.

William Brandau
2 months ago

Well Folks

I have a hard time getting my head around all the new proposed taxes. I am a little guy with a little farm. I am retired and have a pension that I worked 46 years for. I would vote no on all new taxes. .

May be they should tax the none working on their unearned income that the government is giving them. Just like they want to tax us, that have saved and have investments.

Thanks you and have a blessed day!

Bill

Phil
2 months ago

I think that is a great idea.

Jackie
2 months ago

So much for the promise to not raise taxes of the middle class – another broken Democrat promise!!! I’m so fed up, angry, frustrated and disheartened with these hypocritical, hate filled, arrogant, mean, power and money hungry Democrats ruining our country and enriching themselves at our expense!!!!! I really don’t understand why there are so many Americans who still vote for them – oh, wait, it’s all the free stuff that they promise and give out while bankrupting our country!!!

PaulE
2 months ago

AMAC fix your comment section…

Rik
2 months ago

A 100% outright Pro-Communist agenda that if enacted will DESTROY AMERICA AND CAPITALISM forever! . . . As I’ve previously stated many times, if the Commies succeed with this We the People in the Red States MUST SECEDE FROM THE UNION and FORM A UNION OF RED STATES TO SURVIVE!

Steve
2 months ago
Reply to  Rik

Seek some other news sources. There are too many lies and misinformation around here. Do you think Medicare should negotiate with Pharma on drug prices? Most people would like that to be the case but most Republicans in Congress do not. They don’t like to go against their donors.

Kathryn V
2 months ago

No mention of the fact that Corp taxes are paid by consumers! So everyone will pay either being taxed directly or via the inflated prices entities charge to cover the new taxes. There goes the promise not to tax earners below $400K

Reality
2 months ago

Biden hates America and is doing everything to destroy us. Biden has stolen from America and the world his whole life.

Murf Appling
2 months ago

Chief Justice Oliver Wendel Holmes stated “taxation is the price we pay for a civilized society”. Justice Holmes was a announced Socialist by trade, at least according to History. We should pay for fire & police protection, roads, highways, schools, utilities, National Defense, & prudent public expenditures. Chief Justice John Marshall (or possibly C J John Jay) stated “the power to tax is the power to destroy”. Do we need public funds to finance post secondary education, “tree equity”, “diversity training”, “trans-gender studies”, “Pell Grants”, other peoples medical expenses? Why R things so expensive N these areas? Supply & Demand!! Very large Supply & very little demand.

Hoyt
2 months ago

A simple remedy! No elected officials CAN exempt themselves from any law they pass!!!

PaulE
2 months ago
Reply to  Hoyt

Good luck getting Congress to agree to give up that perk. Until the American people learn to make better choices at the ballot box, by demanding better candidates than either political party wants to force feed them every election cycle, you’re never going to get a veto proof majority in both houses of Congress to pass such a bill.

Willy E
2 months ago
Reply to  Hoyt

Reduce Congressional and Senior Executive Service (SES) salaries to reasonable amounts (about the average salary for all working class taxpayers) and kill all their insider trading benefits, overt or covert. Give them a small initial one-time allowance upon getting elected to build a moderately equipped home-office and meeting room and pay them for only active time in this office and/or meeting room, and remotely monitor this time via the internet surveillance they seem to like so much. Tabletops/desktops to be made of glass to ensure no under the table benefits or gifts are exchanged.

Require a full background check equivalent to the military top-secret crypto-access or better to even get into the running for any federal elected office. Require a strict oath of absolute allegiance to the United States of America only, following the original United States of America Constitution and Bill of Rights up to through the Tenth Amendment.

No allowances for lobbying parties, food, smoking materials, or booze. A lockout on being able to get an industrial or commercial lobbying job for ten years after their retiring from Federal service after their term limits expire (two two year terms for Senate, three two year terms for House, one five year term for SES). Eliminate both Democrat and Republican parties, and check any and all religions at the door to their office door. Have them work from home via military grade encrypted networking.

Only the President and the Executive Branch gets a showplace type home such as the White House in order to impress other countries.

The Judicial branch can have an office near the White House, but secure from the rest of society, and the Justices must also be thoroughly background checked and swear a strict oath of allegiance to the United States of America, her original Constitution and Bill of Rights, and to interpret this Constitution in strict light of the intent of our Forefathers who founded this sovereign nation, not religious zealots nor the Communist party.

We need to re-boot our system and restore the original program!

mike
2 months ago

NO TAXATION WITHOUT REPRESENTTION.. TEA PRTY 9TAXED ENOUGH ALREADY).THROW THESEROTTEN SCUM OUT OF THE DOOR AND KICK EM HARD WHEN YOU DO. What the hell is wrong with these “people”?

mjl
2 months ago

AND I LIKE TO SUGGEST A REMEDY to “OUT OF STATE” and “OUT OF COUNTRY” CAMPAIGN FINANCING. IT WILL NEVER HAPPEN BUT DOESN’T THIS SOUND IDEAL….only legal residents of state can finance candidates…and limit campaigning to 3 months before election date…this would free candidates from spending all their time asking for money so that we can actually know their positions on problems the average American faces.. and the 3 month campaign would encourage more voters to participate and not turn a deaf ear to the constant barrage we currently suffer.

PaulE
2 months ago
Reply to  mjl

Yes, that is a nice fantasy. You also have to toss in a voter base that makes truly well informed decisions when voting and isn’t completely apathetic about politics in general until the SHTF.

Mike
2 months ago
Reply to  mjl

Term Limits for Representatives & Senators would be nice, 4 term limit for Reps and 2 term limit for Senators. Limit campaign funds to $500,000.00 anything over 1/2 million goes to retire national debt.

Hal
2 months ago

We don’t need higher taxes. We need our Government to weed out some of the boondoggle projects which gnaw away at out taxes. And how about putting the salaries of our top government officials tied to their success at keeping out taxes from swelling … say, if the inflation rate of the economic action of our society increases, their salaries decrease in proportion. How about term limits on Congressmen and Congresswomen and Cabinet Members, etc. I have long believed term limits for Senators and Representatives should be established.

PaulE
2 months ago

You left out the regulatory fines and additional costs, which amount to de facto tax hikes for many Americans, levied on energy producers and distributors (utilities in particular in this category) due to the Climate Change provisions included in the bill. Those pass through costs to the consumer will be reflected in the higher prices paid for everything from gasoline, home heating oil, natural gas to electricity use. The new Climate Change standards for home construction will also add significantly to the cost and upkeep of new and existing homes. All of which the consumer will be on the hook for. The Green New Deal portion of the reconciliation bill is green indeed. It is designed to create a massive, ongoing transfer of dollars from the American people and the private economy to the government to further expand its power and reach.

Max
2 months ago
Reply to  PaulE

Hi Paul, off subject, for today, there are a couple articles that can be commented on but you can only view what you type and see no one else’s? Have you noticed?

Max
2 months ago
Reply to  Max

Sorry Paul, not quite sure what is going on with the comment sections on some of the articles unless AMAC is trying to keep that scam person off the site. Have a good one.

PaulE
2 months ago
Reply to  Max

Yes, I see that too. AMAC seems to be fumbling around with the web site settings involving comments.

Editor
Alyssa Burke(@aburkeamac-us)
1 month ago
Reply to  PaulE

We regret that your comment was inadvertently held for moderation. We are experiencing technical difficulties and are working on resolve them as soon as possible. Thank You for your patience.

Editor
Alyssa Burke(@aburkeamac-us)
1 month ago
Reply to  Max

We regret that your comment was inadvertently held for moderation. We are experiencing technical difficulties and are working on resolve them as soon as possible. Thank You for your patience.

Louretta Denton
2 months ago

When is Biden going to pay the taxes he owes

Janet
2 months ago

The usual Democrat tax and spend program They don’t seem to ever learn and it is totally apparent that they ever will or that they care about the Americans that pay the bill. It’s a travesty that they are allowing the Socialist/Communist Squad lead the policies. No one should be listening to Sanders either since he has never worked a day in his life and is amazingly wealthy from whatever kickbacks he has accumulated over the years.

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