According to Brian Riedl, a senior fellow at the Manhattan Institute focusing on budget and taxes, the new budget will result in the highest taxes ever in the United States: “The highest peacetime burden in American history, as well as the highest sustained taxes in American history.”
“Not only is the president raising taxes, but he’s using a substantial portion of it for new spending rather than deficit reduction, which just means even bigger tax hikes down the road when it’s time to rein in the deficit,” Riedl said.
This comes after Joe Biden mentioned the newest budget plans in his State of the Union Address, which included raising the income tax rate for corporations to 28% and increasing the minimum corporate tax rate from 15% up to 21%.
“You know, there are 1,000 billionaires in America. You know what the average federal tax is for these billionaires? They are making great sacrifices: 8.2%,” Biden said mockingly, adding that his tax hike would “raise $500 billion over the next 10 years.”
“Under my plan, nobody earning less than $400,000 a year will pay an additional penny in federal taxes,” he added. “Nobody. Not one penny. And they haven’t yet.”
Question: Does anyone out there not understand who pays those taxes? Don’t you understand they just raise the cost of their products? Don’t you know they will never absorb those taxes and we, the consumer, always will?
I have no accounting degree. I have no financial advisors. But Mr. Biden, I do have common sense and challenge you to prove me wrong! Come on, I dare you!
Ron Perry
Canyon Country
