Correction, Please!
Biden’s New Plan Is an Old Ploy: More Taxing, Spending, and Regulating
Math challenged or untruthful? America’s “rich” — those making over $200,000 per year — earn about $3.5 trillion per year, and taking half of that would barely pay off America’s yearly deficit, yet Biden promises only the rich will pay for his multiple multi-trillion-dollar plans for our country. (Photo: AP Images)
Item: Bloomberg Businessweek, in a double issue on voting dated September 7, included a section on “What Will Change” in various U.S. post-election policy scenarios. In the “Regulation” section, for example, the scenario shown is President Trump’s reelection. The outcome (clearly opposed by the left-wing magazine) is: “A ‘bonfire’ for rulebooks as Trump continues deregulation.”
The potential results with a Democratic Senate (and a White House win by Joe Biden) are summarized under “Taxes.” The publication happily projects: “The top individual rate, now 37%, returns to 39.6%. Payroll tax is levied on incomes over $400,000. Capital gains are taxed as ordinary income for high earners. Step-up in cost basis for estate tax is eliminated. Corporate income tax rate rises to 28%, from 21%.”
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