By Randy Rossi -
Apparently President Biden is not satisfied with the massive damage he has done to the average American and much of the world in a little more than a year. Now he wants to cause even more financial damage to America as the astronomically high gas prices and inflation he created are causing incredible pain to the average American. He has just launched a massive new tax plan that he says will only target the top 1% of Americans and corporations, not middle America.
Sadly, that is another big Biden lie. President Biden wants to force billionaires to pay a minimum 20% tax on not only their income, but also on the value of their investments and “unrealized income”, even if they have not profited from them yet. On top of that, Biden wants to increase the corporate tax rate from 21% to 28% which is a 33% increase! If allowed to pass these tax increases, they will have a major negative impact on every American. He and his socialist Dems are justifying this because they say that wealthy people are not paying their “fair share” which is an obvious lie.
Let’s start with Biden’s “Big Lie” that the wealthy are not paying their “fair share”. Here are the facts. Until 2020, the top 1% of income earners in America made 21% of all the income in America and they paid 40% of all federal income taxes that fund this great country. The bottom 50% of Americans made 12% of the income in America and only paid 3% of the federal taxes that run this country. Actually, the bottom 47% of Americans paid zero income taxes. Without the top 1% that pays 40% of our federal taxes, America would be bankrupt. It got even worse last year in 2021. The Tax Policy Center just announced that the bottom 57% of income earners paid zero federal income taxes in 2021 because of the Covid shutdowns and stimulus checks. Zero! Yet the top 1% that pay 40% of our federal income taxes are not paying their fair share? That is absurd. We should all thank the top 1% for paying 40% of the federal income taxes that fund America! If Biden’s tax plan passes, those billionaires will move their money out of the stock market and out of America which will crush our economy and seriously impact every American.
The damage Biden’s massive corporate tax increase will cause to every American should be very simple to understand. Corporations live on profits. When costs go up, they have to raise prices to maintain the profits that they live on which they share with their investors. If President Biden is successful in raising corporate income taxes by 33%, those corporations will have to raise their prices by roughly 33% to maintain their profits. And every American will have to pay those price increases on everything they buy which will severely hurt their wallets, retirement savings, and quality of life. The bottom line is that you, not the corporations will be paying for Biden’s corporate tax increase!
President Biden is counting on the average voter to fall for his “Big Lie”. Just like he hoped that Americans would fall for killing fossil fuels to pitch his “Green New Deal”. Now that Americans have watched gas prices go through the roof, Americans are starting to feel the pain of Biden’s and the liberal left’s attack on fossil fuels and they are starting to rebel. Because of that pain, Biden’s and the Democrat’s approval ratings have cratered and will probably cause those of them running for reelection in 2022 to lose. Let’s hope that the average American doesn’t fall for Biden’s new “Big Tax Lie” so they don’t get crushed by it. Voting out the Dems in the House and Senate in November is one easy solution to the problem!!!
