Opinion: Want To Pay More In Taxes? Biden Is The Candidate For You | Shlomo Rudman

Have you ever looked at your tax bill and thought, ‘You know, I really wish I would be contributing more to the government’s slush fund’? If that sounds like you, I have just the presidential candidate you’re looking for: Joe Biden. 

You see, Joe Biden isn’t just looking to raise your taxes; he wants them to be the highest they’ve been since President Jimmy Carter (and we all know what a wonderful president he was, right?).

If Biden were to become president, he has said that he will take the current 20% rate on capital gains taxes and nearly double it to 39.6%, the highest since 1977, when the capital gains tax rate was 39.875%. The era of Carter’s presidency, if you don’t know, was known for its economic stagnation and Ronald Reagan was elected on his promise to reduce the onerous taxes of the Carter administration.

‘But this doesn’t make sense,’ you might be thinking. ‘Biden is a moderate Democrat. He knows better than to raise capital gains tax rates.’ Well, apparently he doesn’t. The presumptive Democratic candidate has said numerous times that he will hike capital gains taxes. Biden said this in August, September, October, and December of 2019, and at least twice in 2020, including at least once to major finance executives, who were probably none-too-pleased with the remark.

During his many decades in the Washington swamp, Biden has voted against relatively-low capital gains tax rates multiple times. In 2003, Bide voted against lowering the tax rate to 15%. In 2005 and 2006, he voted against extending the then-15% capital gains tax rate. In 2012, he and President Obama successfully pushed up the capital gains tax rate to 20%, and then piled on another 3.8% to the rate as part of the tax increases that came along with Obamacare. Of course, those new taxes only went into effect in 2013, after Obama’s successful reelection bid. Quite a coincidence, no?

So what happens if Biden gets the tax rate to 39.6%? Well, for one, it would mean that, when factoring in state and local taxes, there will be taxpayers who are giving away more than half their money to the IRS. That, perhaps more than anything, will dissuade individuals from making the financial investments that are necessary for the American economy to flourish.

Capital gains taxes are just one that Biden has threatened to raise. He has also said he will hike up income taxes, small business taxes, corporate taxes, and payroll taxes while adding on a carbon tax and even Obama’s individual mandate tax, which broke his 2008 pledge not to raise a penny in taxes on middle-class Americans making under $250,000 a year. The individual mandate tax would cost the average household making under $50,000 a year between $695 and $2,085 in taxes every year.

So again, if you’re just itching to have the federal government dig their hands deeper into your pocket, all you need to do is cast a ballot for Joe Biden this November. It really is that easy.

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6 COMMENTS

  1. Want to contain the historic deadly virus that has our nation under siege? Want to abolish qualified immunity so that police respect the sanctity of our lives, our wives and our castles? Want to hold the Soviets accountable for attacking our institutions and our soldiers?

    Then Bidden is your candidate.

    • I’m afraid you’re living in a fantasy land. What exactly is Biden going to do that will miraculously contain the virus that nobody else was able to contain? Additionally, what does qualified immunity have to do with protecting our lives? Is it the police who are threatening our lives? I hope this comment was written sarcastically.

  2. The problem is that so many of the electorate are taking advantage of the government’s incentives not to work, so they are more than happy to vote for a candidate who will confiscate more money from the American workers and give it to them. If he does get in however, I do hope he at least abolishes the 10k cap on the state and local tax write off which Trump instituted to punish the liberal governors, but it was really a punishment to their constituents.

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