Thursday as part of his sweeping budget blueprint for federal spending in fiscal 2024, which begins in October. The higher taxes would be borne largely by Wall Street and the top sliver of U.S. households.
Income tax, capital gains tax, corporate tax and corporate stock buyback tax will see increases ranging from just over 2% to 300%. Biden is also pushing for a "billionaire tax," or a 25% minimum tax rate for U.S. households worth more than $100 million, or about 0.01% of Americans."It takes the corporate income tax higher than China's," Norquist warned.
President Biden's proposed budget brings the U.S. economy back to"Jimmy Carter's inflation" and"lack of growth," Americans for Tax Reform president Grover Norquist said on"Mornings with Maria" Friday.Thursday evening touting the budget, the tax expert further criticized: "Your life savings will be torpedoed by Biden's tax increases.
Under Democratic President Carter Americans saw inflation soar to more than 14% by 1980 as a result of high energy prices after the 1979 gas shortage. The Carter administration then struggled to get inflation under control, and the Fed brought rates up to 17%, triggering the recession of 1980.
I'm sure the House will ignore him!
Biden’s 2024 budget is the largest tax increase in modern history, a $5 trillion tax increase for the American taxpayer to absorb over 10 years. With government spending at a level not seen since World War II. On November 3rd 2020 America chose poorly it's choice for president.
Fact
And they want to use part of those 87,000 new hires into the IRS to dig into your finances and actually tax your stocks’ Interest gained each year! With that brilliant thinking, say goodbye to the stock market! LOL!
Fake news
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