Do you like that $1,400 COVID “relief” check you got? Well, get ready to give it all back and more as Biden is planning to introduce a massive tax hike.
Biden is planning a huge federal tax hike, the first one since 1993, and on the heels of the coronavirus destroying our jobs, investments, and bank accounts.
What a great idea, huh?
According to Bloomberg News, the Biden administration is preparing its monstrous tax hike for “infrastructure, climate, and expanded help for poorer Americans.”
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In other words, for unions, fake climate change schemes, and more money for illegals.
Bloomberg says some of the provisions are as follows:
- Raising the corporate tax rate to 28% from 21%
- Paring back tax preferences for so-called pass-through businesses, such as limited liability companies or partnerships
- Raising the income tax rate on individuals earning more than $400,000
- Expanding the estate tax’s reach
- A higher capital gains tax rate for individuals earning at least $1 million annually
“His whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens,” said former Biden economic aide, Sarah Bianchi. “That is why the focus is on addressing the unequal treatment between work and wealth.”
So, say goodbye to that measly COVID check!
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