BIDEN WANTS MORE TAXES ON RICH
June 22, 2021 - Douglas Myser
Biden wants more taxes on rich. President Biden stated when he ran for office that he wanted to add additional taxes to anyone earning over $400,000 a year. As President he has stuck to that promise, and also the promise to tax Corporate America more, to pay for programs designed to lift up the lagging middle class, left behind after several decades of under investment in programs designed to help them. Child care, education, health care, these are not things that should be rights and privileges in America. They are not in almost every other developed nation, except here in the United States. Many would call these programs Socialism, but those same individuals have no problems with Tax Cuts designed to enrich corporations or farm subsidies that give farmers money not to grow crops, essentially giving money to do nothing. Isn't that also socialism is your definition is going to be fair. It's really just in who is getting the money, and whether the definition fits into their pocketbook or not. Biden wants more taxes on rich.
Biden's approach is not with a wealth tax. When Biden talks about raising taxes on the rich he would raise the income tax rate to 39.6% for Americans earning over $400,000 a year, and would increase the rate of tax on assets--called capital gains--to be in line with that 39.6% income tax rate, rather than the current lower rate of around 20%. Tax Resolution Services may be in the works for those with new 39.6% tax rates. He also wants to ramp up IRS enforcement on the ultra wealthy, who have been found to hide billions . He also wants to close up loopholes like the stepped up basis, which can provide massive tax relief on inherited properties. The Biden White House hasn't totally dismissed the idea of an outright wealth tax, but it hasn't supported it, either. Treasury Secretary Janet Yellen cited implementation problems as one reason it would be difficult to execute, but never fully ruled it out. It was not a campaign promise by Biden, so he has wiggle room on exactly which way he will go. Biden wants more taxes on rich.
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