Biden’s American Families Plan is a Monster List of Tax Increases

Contact Your Elected Officials

President Joe Biden is out this morning with a monster list of tax increases. Here they are:

  • The top personal income tax rate is raised from 37 percent to 39.6 percent. This affects all taxable income north of about $550,000 for singles and about $650,000 for married couples.
  • The IRS would get an annual report on the money deposited and withdrawn from every bank account in America. The IRS would literally be snooping on all your banking activity all the time.
  • The top individual tax rate on long term capital gains and dividends would increase from 23.4 percent today to 43.4 percent, a new record high. Bye, bye stock market gains in your 401(k) and IRA.
  • The Biden plan creates a second death tax on top of the existing one. Assets held at death would be taxed on their built-in capital gains at 43.4 percent. There would be a $1 million-ish exemption, but this new death tax kicks in much earlier.
  • It’s important to note that this new Biden Death Tax is ON TOP OF the existing death tax. Once the Biden Death Tax is paid, the regular old Death Tax also has to be paid. The taxes cascade to a federal total of 66 percent, before states get their cut.
  • This new Biden Death Tax will mean that millions more families will have to pay a death tax, something that decades of tax relief from both parties have exempted them from. It will surely affect families making less than $400,000 per year.
  • The new 43.4 percent capital gains tax also means that “carried interest” gains are taxed at this level. But the plan goes further by ripping these out of partnership law entirely. This could have unintended consequences for “sweat equity” ventures.
  • Small landlords, manufacturers, and family farmers will be hit by a tax increase that limits tax deferred rollovers of rental and business real estate to $500,000 per property. That’s yet another tax on the middle class.
  • Finally, the Biden plan imposes a new “seniors and small businesses” 3.8 percent surtax on Social Security payments, 401(k)s and pensions, IRA distributions, and small business S-corp and partnership profits for those making more than $400k per year.

Fact Sheet: The American Families Plan PDF

American-Families-Plan-Fact-Sheet-FINAL

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of “left and...

Hold Up, Feds, Without Federalism, There Is No USA

Federalism is essential to governing the U.S., yet the federal government is undermining it by bribing states to implement unnecessary federal programs.

A Widow Inspires The World

Erika Kirk moved the nation with her speech two days after her husband’s assassination, vowing to continue his mission and grow Turning Point USA.

Both Left and Right Are Making Lists

The right admired Charlie Kirk for his faith and patriotism, while the left opposed him for dismantling their positions and narratives with ease.

Redemption’s playbook: The Senior

The Senior isn’t your usual underdog tale, it’s real, it’s raw, and it flips every cliché on its head with a playbook full of grit and plenty of aftermaths.

Trump Cannot Remove Fed Governor Lisa Cook for Now, Appeals Court Rules

A panel of federal judges on Monday held that President Donald Trump cannot fire Federal Reserve Governor Lisa Cook as of now.

FBI Looking Into Other Possible Charlie Kirk Assassination Accomplices: Deputy Director Bongino

FBI Deputy Dir. Dan Bongino said that the FBI is “looking into” other possible accomplices in the assassination of conservative influencer Charlie Kirk.

Actor Sean Astin, Known for ‘Rudy,’ ‘Lord of the Rings,’ Elected SAG-AFTRA President

Oscar-nominated actor Sean Astin, famed for Samwise in “Lord of the Rings,” has been elected as the new president of SAG-AFTRA.

RFK Jr. Names New Members to CDC Vaccine Advisory Panel

Health Secretary Robert F. Kennedy Jr. named 5 new members to the Advisory Committee on Immunization Practices, which advises the CDC on vaccines.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trump’s recent remarks targeting China and its allies mark a noticeable shift in tone.

Trump Signs Order Renaming Department of Defense as Department of War

President Donald Trump on Sept. 5 signed an executive order renaming the Department of Defense as the Department of War.

Trump Signs Executive Order Targeting Countries That Unlawfully Detain Americans

President Trump signed an EO on targeting the unlawful detention of American citizens around the world and to facilitate the release of hostages.
spot_img

Related Articles

Popular Categories

MAGA Business Central