Election 2020: Biden Plans to Stifle Economic Recovery — AGAIN

Establishment and fake news media remain hard at work trying to convince everyday Americans that Joe Biden will win the White House. They tout skewed polling data and progressive policies that are written by his handlers or socialists such as Vermont Sen. Bernie Sanders and New York Rep. Alexandria Ocasio-Cortez.

While Biden’s mental acuity dwindles, he appears to have increasingly less control over scripted speeches or his own political platform. But if Biden Campaign proposals are truly the tip of the spear, the livelihoods of working families are in peril. Not only would Biden undue the economic gains of the Trump Administration, but he’d also scuttle a recovery by escalating taxes that would cause massive unemployment.

According to the Wall Street Journal, electing Biden would result in more than $3 trillion in taxes on incomes, payrolls, and businesses desperately trying to recover from the pandemic. These are some of the items that would line the pockets of high earners in liberal strongholds as middle class and blue-collar families make up the difference. The following is the Wall Street Journal’s assessment of a Biden tax future:

  • Payrolls: Apply a 12.4% Social Security tax, split between workers and their employers, to all income over $400,000, with no cap. The current payroll tax comes off after $137,700 of income, but under Mr. Biden’s plan, the levy would be limitless.

This tax increase would take money directly out of weekly paychecks and cause employers to cut back on full-time employees due to cost. It’s a double-whammy on working Americans.

  • Estates: Repeal stepped-up basis at death. This could mean slapping capital-gains taxes on the dearly departed. Or the property received by heirs would arrive with taxable capital gains hidden inside, and no adjustment for inflation. Mr. Biden hasn’t said what he’d do to the estate tax, currently set at 40%, above an individual exemption of about $11.6 million. But his new pal Bernie Sanders wants to lower the exemption to $3.5 million and lift rates up to 77%.

Reducing the so-called death tax would result in family farms and fishing businesses paying hefty taxes when parents pass. The Trump Administration took steps to raise the threshold to protect family-owned and operated businesses.

  • Individual incomes: Raise the top marginal rate to 39.6%, from 37%. Repeal the $10,000 cap on the deduction for state-and-local taxes, giving a bigger break to places like San Francisco and New York. But limit the tax benefit of itemized deductions to 28% of face value, hitting higher earners.

According to a statistical breakdown of the Biden Campaign tax changes, every income bracket would pay more and take home less money. Adding insult to injury, Biden would raise the rates on corporations by 7 percent, which results in layoffs. His plan includes doubling rates on corporate income generated offshore. President Donald Trump and Republicans cut taxes back to 10.5 percent, and the move saw massive U.S. investment and job growth. Despite the facts, Biden continues to falsely claim he won’t raise taxes on anyone making less than $400,000 per year. Hillary Clinton tossed around the $250,000 mark in 2016, but few took that seriously.

And although Biden claims the economy would be robust under his “leadership,” financial experts conclude that the GDP would contract, unemployment would climb, and the country would take on $3.2 to $4 trillion in crushing new debt. This burden would be heaped on top of the war and pandemic debt for a generation. Americans suffered through the first run during the Obama-Biden administration that had no solutions to economic recovery. The current proposals could plunge the country into a depression.

It seems counterintuitive that Democrats in the establishment and fake news media keep pointing to their own left-wing polls, much like they did in 2016. The facts are that when candidates propose raising taxes, they typically lose. One might recall the fateful words of President George H.W. Bush, “Read my lips, no new taxes.”


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4 responses to “Election 2020: Biden Plans to Stifle Economic Recovery — AGAIN”

  1. Raising the taxes is bad enough, but when the money starts flowing in, do the politicians pay down on the debt? No, they simply find more ways to wasteful spending that benefits very few.

  2. Make sure President Trump gets all this stuff he can make a camp a whole bunch of campaign ads about that

  3. I’m not a Trump fan but we will vote for him because he’s not a Democrat (liberal socialist).

  4. Evidence indicates that a Biden administration will also take from every family their first born, and remove all Americans with an IQ less than 90 to “camps”—a serious threat to conservatives!

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