Stand For America
Joe Biden’s spending agenda reads like a far-left Christmas wish list: Government-run healthcare; the Green New Deal; “free” college; and many more. How will he pay for all these pipe dreams? Tax increases! (As if it weren’t obvious.)
The Wall Street Journal broke down what those tax increases will look like and how they will impact your wallet. https://www.wsj.com/articles/r....ead-joe-bidens-lips-
The bottom line: Biden is proposing at least $3 trillion in tax increases over 10 years.
→ The top marginal rate for individual income will rise from 37% to 39.6%, and Biden will reinstate the deduction for state and local taxes that favors residents in big, high-tax cities like San Francisco and New York City. (Funny that these big-city mayors are begging residents who fled during the pandemic to return. Could it possibly be that high taxes chase residents away?)
→ Levy a 12.4% payroll tax on salaries above $400,000 with no cap. Current tax law caps the Social Security tax at $137,700 in income.
→ Tax capital gains at the individual income rate of 39.6% for people earning more than $1 million—a drastic increase from the current rate of 23.8%.
→ Raise the corporate tax rate to 28% from the current 21%—putting America, once again, at a competitive disadvantage vis-a-vis other countries. The average corporate tax rate for European OECD countries is 21.9%.