Joe Biden doesn’t believe we have a right to know his plans before the election, but we do know he plans to take more (tax) money from high earners, surviving businesses and successful investers. Why not punish the “rich?”
Perhaps Biden can raise the $4Trillion he wants to spend by only raising Income tax (to 40%) & Social Security tax (12.5%)on the 1.8% of people who earn 25% of the income in the US & who pay 40% of the US’ income taxes.
“Fair share,” right?
But we also know he plans to increase corporate taxes (to 28%), capital gains taxes (to 40%) and increase the estate tax.
Selling your home or investment real estate? Part of the profit is capital gains tax & Biden plans to raise the maximum tax to 39% from 20%.
Currently, most profit on your primary residence for most people is exempted. Will Biden pledge to save the exemption? (Would he answer that question before the election?)
How many small businesses that managed to hang on through COVID would survive paying an increase in corporate taxes from 21% to 28%?
“No one earning under $400,000.”
Paraphrasing a couple of Biden’s role models,
“It depends on what the meaning of is, is”
“If you like your (money), you can keep your (money).”