Biden’s 70% Tax Rate!
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How hard would you work if you’re getting taxed at 70 %? That’s right. That’s right. 70 cents out of every dollar that you earn goes to the government. How hard would you work? Would you be thrilled to get up in the morning and bring your lunch pail and go to work and start a business and do all those things? Nah, I didn’t think so. Well.
Let’s break down. Let’s break down. But we talked about Biden’s budget. We’ll talk about his taxes and where he wants them to go. Again, he’s got his plan to save Medicare. So he wants to increase the Medicare tax rate on incomes above 400 ,000. Again, the Obamacare increased the 2 .9 % Medicare tax.
It also imposed a surcharge on your investment earnings. There was for small businesses out there, there was a bit of an exemption that you had. That’s gonna go away. So you’re gonna increase the surtax on earned and unearned income to 5 % for couples earning more than $450 ,000, $400 ,000 for singles.
raising the top rate on income to 39 .6%. That’s gonna kick in at $450 ,000 for couples. You take a look at that. So you’re gonna see basically a top for small business owners out there. That’s a top rate that’s gonna increase by 7 .6 percentage points. That’s about 20%.
all together. That is a huge tax increase. Again, you got capital gains taxes as well that would go to 44 .6 % on anyone earning more than a million dollars. Now if you live in a high tax state, like California and York, you can add that on. And let’s not forget your payroll taxes as well. You’re small business owner, you’re playing the whole kit can and
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You’re paying over 70%. 70%. Now again, you know, this is going to hit the most, not going to hit billionaires. It’s not going to hit people that have a myriad of really good tax accountants and tax shelters. This is going to hurt small business owners, the people that build and create jobs here in this country, the true engine of this economy.
You’re going to be taxed. You’re going to be taxed close to 70 % all in. That wouldn’t want to get you out of bed in the morning. It’s get you excited to go to work the next day. Again, you can do the numbers yourself that would put us by far and away the highest tax country in the entire world. There you go. Where’s your binonomics for you? Watchdog on Wall Street.com.