Well, that didn’t take long. Less than two months into his presidency and Joe Biden wants to raise taxes because we need to pay for all the SPENDING. Give me a break. They’re not interested in paying for anything. They won’t be paying for their spending, they’ll just be creating dollars out of thin air. Look at the chart of M2 money supply below to see how it’s already started.
Press Secretary Jen Psaki talks to us with a face that says “I hate you,” and “I will crush you,” and looks just fine with the idea of taking more of what’s yours. She doesn’t look like she worries too much about meeting payroll every month. But she certainly feels she’s entitled to feast on your paycheck.
Is this what voters wanted? Hard to believe 8 million more votes supposedly went for Biden because they wanted tax increases. And don’t think they’ll stop at the proposed income threshold. This is merely a crack in the door, so they can control you—not to pay for things. It’s all about power.
The New York Times calls the proposal “The largest federal tax increase since 1942.” According to The Tax Foundation, “the Biden tax plan would reduce GDP by 1.62 percent over the long term.” Here’s just some of what the plan includes:
- Repeal the TCJA (aka the Trump Tax Reform) components for high-income filers
- Impose 12.4% Social Security payroll tax for wages above $400k
- Increase the corporate income tax to 28%
- Establish a corporate minimum tax on book income
- Remove stepped-up cost basis taxing full realized stock gains when you die as if you sold everything
- Double the tax rate on Global Intangible Low Tax Income and impose it country-by-country
It’s difficult to imagine a worse way to punish America’s most productive corporations and individuals than this plan.
I’m doing everything I can to keep the bloodsuckers at bay. I will not play their games. But I will be out of debt before age 50. Getting out of debt is what I want for you too. That’s right. Get out of debt, work longer, and ratchet back your spending. The days of taking four percent per year from your portfolio are over. Sorry, but with interest rates lower than Biden’s border wall, you need to reevaluate everything.
Action Line: Biden’s government will create dollars out of thin air to “pay” for its reckless spending. When was the last time government created anything of value? Exactly. Here’s the deal: Save until it hurts, work longer, and spend less. I’m here to help if you need me, but only if you’re serious.
P.S. With the federal government about to raise taxes, and many states planning to do the same, you need to find somewhere that can minimize your tax burden. Leaving high tax states like New York or California and heading to a state in one of America’s Growth Corridors is a good plan.
