Don’t Say You Weren’t Warned
President Joe Biden has warned voters that he will keep his promise to raise taxes if he is elected for another term. In the WSJ, James Freeman explains: “Failing to extend the expiring provisions of Donald Trump’s signature reform would raise taxes on most Americans.” And it’s not just on the wealthy.
This Past Tuesday Joe Biden Posted:
“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt. That tax cut is going to expire. If I’m reelected, it’s going to stay expired.”
At the Tax Foundation, Garrett Wilson and Erica York report:
Congress has less than two years to prevent tax hikes on the vast majority of Americans from taking place. That’s because the Tax Cuts and Jobs Act (TCJA) of 2017, a tax reform law that simplified individual income taxes and reduced tax rates across the income spectrum, is set to expire.
If Congress does nothing, most Americans will face higher taxes, worse incentives for work and investment, and a more complicated tax system starting in 2026.
Small Businesses – the Punching Bags of Big Government
In American Greatness, Stephen Moore reminds readers that neither Joe Biden nor nearly any of his top officials have ever started or even worked for a small- or medium-sized business.
They don’t have any feel for how their own policies impact the nation’s employers.
Mr. Moore warns of Biden wanting to nearly double the capital gains tax. This, Mr. Moore notes, will scare away angel investors in small startup companies.
If owners of a small or medium-sized business put the profits back into the company so it can expand, Biden would tax the “unrealized capital gains” on that investment.
President Biden gives a big head start in the form of “billions of dollars of grants and low-interest loans for large corporations (General Motors and chipmaker Intel) so they can expand their operations on the taxpayers’ dime,” continues Mr. Moore.
These corporate welfare programs tilt the playing field in favor of the sharks, not the small-business minnows.
