Business / Finance / Opinion / Politics / Small Business / Taxes

Joe Biden’s Tax Plan

taxImagine working your entire life alongside your family building a business, only to have Uncle Sam take almost half of it before you’re able to pass it on to your children and grandchildren. This may be the new reality for many multigenerational small businesses across the country if the tax plan proposed by President Joe Biden becomes law. With Democrats in unified control of the government, albeit by a slim majority in the Senate, the threat of business- and job-stifling taxation has become stronger for not only America’s small businesses but also taxpayers across all income scales.

To start, President Biden proposed reversing many of the Trump tax cuts for small businesses from his signature 2017 Tax Cuts and Jobs Act. President Biden has proposed raising the top individual tax rate (which millions of small businesses pay), eliminating the 20 percent small business deduction, tripling the number of families hit by the death tax, taxing accrued capital gains at death, and raising the corporate tax rate. According to the analysis by five independent think tanks, many left-leaning, the bottom line is that during an already weak economy, Joe Biden’s tax plan would eliminate jobs. Indeed, the Urban-Brookings Tax Policy Center (TPC), the Tax Foundation, the Committee for a Responsible Federal Budget (CRFB), the American Enterprise Institute (AEI), and the Penn Wharton Budget Model all showed that Biden’s tax hikes on small businesses would shrink the economy as a whole and therefore result in job losses across the country. We’ll come back more specifically to President Biden’s plan to increase death taxes.

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Sunshinedaisy
5 months ago

Yeah we have to stop Joe Biden and the Democrat party it’s the only way to save this country.

PaulE
6 months ago

When SJWs (Social Justice Warriors) talk about “economic and social justice”, what that generally means in real terms is making everyone equally poor and miserable. Thus “equally of outcome” is achieved for the masses, while the very few at the top of government manage your day to day lives as they deem appropriate and become incredibly rich at your expense.

Government confiscation of personal wealth and property, so it can be reallocated as the government sees fit after taking their slice off the top to enrich themselves at your expense, is a standard hallmark of all socialistic regimes. That is how it has always played out in every country that has ever adopted socialism or communism. Look at the personal wealth of Lenin, Stalin, Mao, Putin, Chavez, Maduro, Mugabe, and other socialist and communist leaders after they assumed power. Their populations were systematically reduced to abject poverty, while they all lived a live of splendor off the people they enslaved.

Socialism or communism generally come to power in one of two ways: One is via the public stupidly buying into the socialist rhetoric and making the fatal mistake of electing them to power, which starts the chain reaction of ever more expanding government control of all aspects of the public’s lives. Once elected, the safeguards protecting the general population, the legislature, the courts and any free press still in existence, are quickly either co-opted or neutralized through various means. The other path to power is through sheer force and then jailing or executing those that stand opposed to the new regime.

We are currently experiencing the former and it seems the Democrats have learned quite well from their errors during the Obama era, that allowed the people to oust them before they could cause catastrophic harm to the country. They are now moving at lightning speed to consolidate their power and expand it as quickly as possible, while the opposition (us) seems either dumbfounded or cowed into submission.

Looking at the all the points of the proposed Democrat tax plan, which goes well beyond the few items touched upon in this brief article, the Democrats mean to crush our economy and clear the path for China world supremacy as fast as they can. The only real question still remains: Will the American people just continue to sit by as this all plays out or will they have any will to try and stop it? Coin toss anyone?

Billy Clinton
6 months ago
Reply to  PaulE

Why don’t you just write a book about it.

MARGIE DEE INGOE
5 months ago
Reply to  Billy Clinton

Billy: Why you just shut-up!

Chuck Zitting
6 months ago
Reply to  PaulE

PaulE,
Thank you for your comments.
I carefully read and reread every one of them.
Many of us are fairly silent but he are willing to stand with you as things heat up.
We are in motion right now as well. Don’t let up sir.

Chuck Zitting
6 months ago
Reply to  Chuck Zitting

WE are willing…..correction

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