High taxes have always been a centerpiece of the left-wing agenda.
Time and time again, Democrats argue that increasing taxes on wealthy Americans is somehow going to solve all of the economic disparities that exist within society. Yet, in one way or another, this never quite pans out.
When wealthy Americans are hit with high taxes, it inevitably gets passed down the economic food chain in one way or the next. This is why when landlords are hit with higher property taxes, tenants usually end up having to pay more in rent money.
Right now, the White House is planning to bring forward a “minimum tax increase” for billionaires, as documented by Breitbart News.
A Closer Look at the White House’s Tax Proposal for Billionaires
In the US budget for 2023, the Biden administration is going to push for the country’s most well-off citizens to pay a bare minimum of 20% in income tax.
Households with a network at least $100 million will be the ones to feel the impact of this minimum tax increase, if Biden gets his way.
Today Joe Biden will unveil a tax increase in his 2023 budget.
Why are we hiking taxes if Biden's agenda costs zero dollars?
— Lance Gooden (@Lancegooden) March 28, 2022
Apparently, this new change to the tax rate is designed to ensure that people working as firefighters and teachers aren’t forced to pay more in taxes than billionaires.
Since the Biden administration has determined 20% is the minimum rate they’re going for, there’s a very real possibility the ultimate tax rate could be even higher, if this proposal goes into law.
Another Angle to Biden’s Proposed Tax Hike
Supporters of Biden’s proposed tax increase on billionaires say that this will lead to massive funds raised over a period of years.
However, since the president has repeatedly said his agendas are paid for, it raises the question of what’s really driving the push for higher taxes.
— Tax Foundation (@TaxFoundation) March 25, 2022
In actuality, the push for higher taxes now is being driven by the same force behind Biden’s proposal to let the IRS oversee bank accounts with transactions amounting to over $10,000 in one year.
This boils down to trying to squeeze as much money as possible out of the American public. The way Biden sees it, this will allow him to pay for all the spending measures that he’s aiming to pass and dishonestly saying won’t run up the deficit.
If a minimum 20% income tax rate is passed and goes into effect for billionaires, American can count on this trickling down to the middle and lower classes.
At the rate the economy is currently going, the last thing anyone needs is higher taxes being passed down onto them. Amid this newest tax proposal, the White House has yet to release an initiative that will lower inflation or gas expenses.
What do you think about Biden’s proposed tax hike on billionaires? Leave your thoughts and feedback in the comments area.