Biden says he will get Democratic Votes for Tax Increase

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

We are a not for profit Independent Media Group, which survives off donations. Even as little as $5 per month, from our generous readers. Please donate now, to help fund our work.

Biden says he will get Democratic Votes for Tax Increase.

By Brooke Singman| FOX Business

President Biden said he will be able to get Democratic votes to support his plans to bring back a major tax hike for the first time in nearly 30 years.

Holding a razor-thin majority in the Senate, losing one seat means losing power for Democrats. In the House, they lead by eight seats, 219 to 211 with five vacancies.

Biden’s emerging plan, a source told Bloomberg, would raise the corporate tax rate from 21 to 28% and raise the income tax rate on individuals making over $400,000. It would also raise capital gains taxes on those making over $1 million, expand the estate tax, and pare back tax preferences for certain businesses. The tax hike would likely take effect beginning in 2022.

BIDEN WANTS TO RAISE TAXES. HOW POLITICALLY DAMAGING COULD IT BE?

Biden, during an exclusive interview on ABC’s “Good Morning America” was asked if he thought he would be able to garner any Republican support on the tax increase.

“I may not get it, but I’ll get the Democratic votes for a tax increase,” Biden said. “If we just took the tax rate back to what it was when Bush was president — top rate paid 39.6% in federal taxes — that would raise $230 billion.”

He added: “Yet they are complaining because I am providing a tax credit for child care? For the poor? For the middle class?”

Communications director for House Minority Leader Kevin McCarthy, R-Calif., Mark Bednar, tweeted in response to Biden’s comments: “President Biden promises that Democrats will help him raise taxes on the American people.”

An analysis of Biden’s campaign tax plan conducted by the Tax Policy Center estimated it would raise $2.1 trillion in new revenue over a decade.

One year after the last major tax hike, in 1993, came what is known as the “Republican Revolution,” in which the GOP picked up eight seats in the Senate and won a net 54 seats in the House, along with a net 10 governorships.

The tax hike is meant to offset Biden’s next major spending package, which is set to focus on infrastructure and green jobs and could cost around $4 trillion, more than double the latest COVID-19 stimulus bill.

Former President Bill Clinton, in an effort to cut the federal deficit in half by 1997, sought a mix of tax increases and spending cuts. The Omnibus Budget Reconciliation Act of 1993 raised the income tax rate on individuals making over $115,000 from 31 to 36%. For those making over $250,000, it raised the rate to 39.6%. It also raised corporate income tax, fuel tax and various others.

BIDEN REPORTEDLY PLANNING FIRST MAJOR TAX HIKE SINCE 1993 

The tax cuts of 2017 under former President Donald Trump slashed corporate income tax rates from 35 to 21% and cut taxes in most individual brackets as well. But the 2018 midterm election was widely characterized as a “blue wave.” Democrats saw a net gain of 41 seats in the House, while Republicans had a net gain of two seats in the Senate. And two years after that, the 2020 election, Democrats’ majority fell by 12 seats in the House, but they picked up two seats in the Senate and won the presidency.

“Read my lips: No new taxes,” former President George H. W. Bush famously said, a campaign slogan that resonated with many and floated the elder Bush to a win in 1988. He wasn’t able to keep the promise with Democrat majorities in the House and Senate, who wanted to cut the deficit without cutting social programs.

Bush eventually agreed to raise the top personal income tax rate from 28 to 31% but was never able to recover politically from breaking his promise and lost a reelection campaign.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $50 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Related News

Truthbook.social offering hundreds of thousands in giveaways for those joining its new social media platform as many desert Facebook in droves because of censoring

Here is some of the current incentives being offered to new users

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

For ANR Smaller Donors please donate below to help fund our critical not for profit work. Together we can defeat mainstream media.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published.

Play Video

McIntyre Report
Political Talk Show

How you can advertise on Truthbook.social

Jamie McIntyre
TruthBook.social Videos

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 17.08.2022

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

We are only 27% funded for next month's operations.

ANR is fully funded by our readers, people like you who often can’t stand mainstream media lies and propaganda. So please help us continue exposing the truth and helping defeat the Globalists and defend your and your children’s futures.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset and help us expose the Covid Fraudsters

just $5 a month helps

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY