The Biden administration’s extreme tax proposal aimed at the wealthiest is on track to have Americans pay the highest income taxes in the industrialized world.
The president’s budget proposal aims to raise taxes on the wealthy by a large amount.
The proposal, according to the independent Tax Foundation, is to raise individual and corporate taxes to the highest level in the industrialized world.
Democrats’ massive inflation is hammering working families. It’s badly hurt our entire economy.— Leader McConnell (@LeaderMcConnell) March 29, 2022
But President Biden just proposed a new budget that would dramatically increase liberal spending and slap the biggest tax hikes on American history on top.
They just do not get it.
According to reports, the proposed budget will hike the average top tax rate on personal income to 5.4 percent, making it the highest among the 38 nations that make up the Organization for Economic Cooperation and Development.
The Billionaire Minimum Income Tax, according to the concept, would levy a minimum of 20% tax on everyone with a net worth of more than $100 million.
If billionaires fail to pay this tax, they will be subject to a top-up payment, which will require them to pay a considerable sum to make up for the losses.
The White House is relying largely on billionaires to pay the tax infrastructure under this proposal; taxes collected by the country’s nearly 700 billionaires would account for more than half of all taxes collected by the government.
In a similar vein, Biden is considering raising the business tax rate from 21% to 28%. Aside from that, he is attempting to enact a worldwide minimum tax rate that is intended to target tax haven countries.
Biden just announced that his plan is NOT to unleash American energy…it’s to increase taxes on American producers.— Ronna McDaniel (@GOPChairwoman) March 31, 2022
Make no mistake – this is the #BidenGasHike!
Senator Krysten Sinema, a moderate, has already declared that she will not support a corporation tax increase. Senator Joe Manchin of West Virginia is expected to follow suit.