Issues & Insights

And Now For Biden’s $2 Trillion Tax Bill

Photo: Flying Logos, licensed under the Creative Commons Attribution-Share Alike 4.0 International license (https://creativecommons.org/licenses/by-sa/4.0/deed.en).

Excerpt provided by the Committee to Unleash Prosperity. Sign up to receive a free subscription to the full weekday Unleash Prosperity Hotline newsletter by clicking here: https://committeetounleashprosperity.com/hotline/

Biden and congressional Democrats have been meeting this week to figure out how to pay for their multi-trillion-dollar avalanche of federal spending. Another $2 to $3 trillion may be in the works for the green new deal and infrastructure projects. 

The Biden campaign tax plan calls for higher tax rates on small businesses, American corporations, capital gains income, dividends, and inheritances. The graph below shows that tax rates are headed to 50% or more

From an international competitiveness issue, this gives all of America’s competitors a huge tax advantage. The Tax Foundation shows that the combination of the higher dividend tax and the rise in the corporate tax would give the U.S. the highest tax on corporate earnings in the world. 

Treasury Secretary Janet Yellen is also exploring a carbon/energy tax and a 2% annual wealth tax.

The wealth tax severely penalizes savings and asset accumulation – which are fertilizers for growth. A 2% annual wealth tax erodes about 25% of one’s assets over a decade and well more than half after 20 years.

Why save?

Why invest? Why work?

There’s more to explore:

  • America’s Other Governor in Big Trouble
  • NJ’s Gov. Murphy Committed Cuomocide Too
  • Study: Wind and Solar Energy Shaft Consumers

Click here:  https://committeetounleashprosperity.com/hotline

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Issues & Insights is run by the seasoned journalists behind the legendary IBD Editorials page. Our goal is to bring our decades of combined journalism experience to help readers understand the top issues of the day. We’re doing this on a voluntary basis, because we believe the nation needs the kind of cogent, rational, data-driven, fact-based commentary that we can provide. 

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