Here, according to The Washington Post, are the tax hikes Biden (read his controls) want to institute:
- Corporate rate 21to 28% - Global minimum tax to 21% - Top income rate to 39.6% - End fossil fuel subsidies - Tax investment gains greater $1M as wage income - Tax assets passed on at death Also end the Trump insituted SALT (limitation state and local tax deductions)
Fortunately, at this point, there appears to be even some Democratic opposition to the desired tax hikes.
Of course, the hikes would only hamper free markets and distort the economy in favor of the bureaucratic-crony government money flow.
-RW
I'd like to applaud "end fossil fuel subsidies", but said subsidies will probably just be shifted to some unrealiable, less efficient form of energy production.. Oh and then some.
ReplyDeleteBasically, Biden and the Democrat's plan to ensure that those with accumulated capital have even more power and those climbing the economic ladder are knocked back a few rungs when they start getting closer to the top. IMO, its the latter that the average Democrat detests the most, since these people create the most amount of envy among them. Raising the capital gains tax to ordinary income levels will be a disaster. Reagan tried that and it failed. Ironically, a Democrat, Bill Clinton (a far right Republican by today's political standards) actually cut them back to what they were before TRA86.
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