04-15-2024, 01:18 PM
A sharp contrast in plans for future taxes from Trump and Biden. Trump will make Trump tax cuts permanent. Biden will raise taxes significantly on the middle class business owners and all middle class. The info for Biden is from his proposed budget.
https://www.foxnews.com/opinion/massive-tax-increases-coming-second-biden-term
Here are the massive tax increases coming your way in a second Biden term
Donald Trump has outlined his plans for federal taxation should he be elected.
"I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.
Trump made the direction clear. Lower.
But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.
BIDEN'S TAX-HIKE PLAN WOULD COST THE US ECONOMY NEARLY 800K JOBS
Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.
Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.
Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.
Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.
Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.
Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years.
California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%. New York state businesses would pay a combined 53.4% on capital gains.
Meanwhile, the developed world average is 18.78%. China’s is 20%.
Under Biden you could work for 40 years, sell your business and the government could take half or more.
Biden vows to add a second death tax by eliminating stepped-up basis when parents die and pass on homes, land and stock to children.
https://www.foxnews.com/opinion/massive-tax-increases-coming-second-biden-term
Here are the massive tax increases coming your way in a second Biden term
Donald Trump has outlined his plans for federal taxation should he be elected.
"I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.
Trump made the direction clear. Lower.
But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.
BIDEN'S TAX-HIKE PLAN WOULD COST THE US ECONOMY NEARLY 800K JOBS
Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.
Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.
Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.
Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.
Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.
Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years.
California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%. New York state businesses would pay a combined 53.4% on capital gains.
Meanwhile, the developed world average is 18.78%. China’s is 20%.
Under Biden you could work for 40 years, sell your business and the government could take half or more.
Biden vows to add a second death tax by eliminating stepped-up basis when parents die and pass on homes, land and stock to children.
![[Image: 4CV0TeR.png]](https://i.imgur.com/4CV0TeR.png)
First 6 years BB - 41 wins and 54 losses with 1-1 playoff record with 2 teams Browns and Pats
