Government Watch / Politics

TOOLKIT: Fighting President Biden’s Crippling Tax Hikes on Middle Class, Small Businesses

tax

Working Americans will shoulder burden of Democrats’ tax increases.

The holiday weekend is in sight – and so is the tax hike fight.

After Labor Day, congressional Democrats will ram through their Socialist Agenda – and they’ll stick the American people with the tab.

Here’s what you need to know about President Biden’s $3.5 trillion tax hikes:

ON MIDDLE-CLASS FAMILIES:

  • President Biden wants to repeal the Tax Cuts and Jobs Act, which will cost 6 million U.S jobs over a decade.
  • A middle-class family of four making just $73,000 – will have their family budget slashed by $20,000.
  • Both the left-leaning Tax Policy Center and the non-partisan Joint Committee on Taxation(JCT) agree working families will see their taxes go up.
  • According to the Tax Policy Center, President Biden’s tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families over the long term – contradicting his pledge not to raise taxes on middle-class Americans.
  • The JCT analysis shows that more than 172 million taxpayers would bear the burden of the increased corporate tax rate – and disproportionately harm U.S. workers, retirees, and small businesses.

READ: Fact Sheet: Pelosi’s Budget is a Green Light for Taxes on Working Families & Main Street

ON FARMERS AND RANCHERS:

  • Stepped-up basis is what makes it possible for a family business – like a farm – to pass from one generation to the next without being forced to sell off assets to pay an enormous tax bill to Washington.
  • Democrats’ proposal to repeal stepped-up basis threatens the livelihoods of America’s farmers, ranchers, and small business owners – and acts like a second supercharged death tax.
  • Analysis by EY and the Family Business Estate Tax Coalition determined that Democrats’ second death tax will destroy over a million jobs, slash paychecks for workers, and shrink our economy by $100 billion over the next decade.
  • new study from Rice University shows that Bidenflation could nearly double these negative impacts.
  • Pat McDowell, who owns a ranch with his two brothers in central Texas, said this would spell the end of the McDowell Ranch. Read the stories from rural America here.
  • In addition, studies show that President Biden’s doubling of the capital gains tax would shrink the economy by $124 billion. The left-leaning Tax Policy Center writes that Biden’s proposal raises taxes far past the amount necessary to maximize revenue. Past analyses by the Congressional Budget Office and the Joint Committee on Taxation agree.

READ: REPORT: Biden’s Death Tax Threatens American Jobs, Family Farms, Small Businesses

ON MILLIONS OF MAIN STREET BUSINESSES:

  • The Biden Administration has claimed that the majority of small businesses will be exempt from his tax hikes – but the Tax Foundation has said that’s “misleading.”
  • President Biden’s 33 percent tax hike would hit nearly 1.5 million small businesses that employ more than 12.5 million Americans.
  • Democrats want to eliminate the small business deduction, which 21 million small businesses relied on in 2019 to invest, hire new workers, and increase employee benefits.

ONE PAGER: Democrat Tax Hikes Hit Millions of American Small Businesses, Kill Jobs, Slash American Wages

Reprinted with Permission from - The US Committee on Ways and Means by - J.P. Freire, Jessica Henrichs & Leo Lutz

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Nina Rae
1 month ago

Tell us something we don’t know… more specifics needed!

Dave
1 month ago

more like an info hub

PaulE
1 month ago

From the title of the article, I was expecting a set of recommendations on how the average person or family could mitigate some of the more onerous aspects the $6 trillion dollar plan to enact even more socialism in the United States. For most people not familiar with living in a socialist environment, they need to make several changes immediately to offset some of the more onerous aspects of what will be our new normal in America. In essence a what to do and how to do it list for life in the new United States under socialism.

The term toolkit implies a set of means or processes to try and offset some of the more problematic aspects of what is ahead. Meaning a far more socialistic society with much higher taxes and regulations as the government controls much more aspects of society. Instead all this article boiled down to was a partial list of what is in the reconciliation bill itself and then only in very general terms.

Max
1 month ago
Reply to  PaulE

Concur, not enough info. People are not ready for what is coming down the line.

Barb
1 month ago
Reply to  PaulE

I thought the same!

Lina
1 month ago
Reply to  PaulE

Agreed…I was hoping for some sort of tips/lists of actions to take…both personally and on a local level, if possible.
Do you know of any resources out there that have done a better job of preparing those of us firmly entrenched within the “middle class” with actionable steps?
Thanks in advance!

Courtney
1 month ago
Reply to  PaulE

Agreed.

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