The Biden White House has revealed the details of Biden’s American Families Plan that will increase taxes and pile on trillions in additional spending.

President Biden and Democrats are embracing large tax increases on families and businesses while spending trillions on liberal agenda items.

“The President’s change will ensure the wealthiest Americans use the same rules as other Americans., the White House says.

“Along with the American Families Plan, President Biden will also be proposing a set of policies to ensure the wealthy pay their share in taxes., a comment from the White House read, “while making sure no on earning under $400,000 will see their taxes increase.”,.,

This reminds many observers of how the Obama Administration repeatedly claimed that insurance premiums would lower with Obamacare and people would get to keep their health insurance plan and doctor.

Ryan Ellis, a conservative activist, listed the new tax hikes on Twitter.

“The top income rate is being raised from 37 percent to 39.6 percent., Ellis said. “This changes all taxable income over $550,000 for single filers and around $650,000 for couples.”

Ellis also found a doubling of capital gains tax from 23.4 percent to 43.4 percent for certain taxpayers.

Biden’s plan “creates a second death tax.”

“Assets at death would be taxed on their capital gains at 43.4 percent., Ellis said.

Ahead of the publication of these details, the Foundation for Economic Education said this week that economists have decided that the capital gains increase could destroy the economy.

“Free-market economists warn that the whole economy would be harmed by such a large capital gains increase., Brad Polumbo wrote.

Author: Steven Sinclaire

Comments are closed.

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!