Biden Administration Prepares Corporate and Individual Tax Hikes

"DSC05619" (CC BY 2.0) by Senate Democrats

When massive government spending happens, tax increases are inevitable. All the left-wing social programs that are loved by Democrats so much don’t just pay for themselves. The big, bold reform that Democrat leaders promote also doesn’t come without a price tag.

“The Senate Democrats held a moment of si” (CC BY 2.0) by Senate Democrats

President Biden and his administration are very much aware of this. Yet, the link between government spending and higher taxes isn’t slowing down this president in the slightest. In fact, the recent passing of the American Rescue Plan is only firing up the Biden administration to push for packages that are even more expensive than $1.9 trillion.

Of course, Democrats in Washington D.C. need a way to pay for all this. According to Newsmax, this is why Biden plans to increase corporate taxes and individual tax rates.

Footing the Bill for Wasteful, Reckless Spending

Earlier this month, Treasury Secretary Janet Yellen openly stated that increasing taxes is a necessary measure for Democrats to pass the legislation of their preference. Biden’s next big spending package after the American Rescue Plan is expected to amount to more than just $1.9 trillion dollars.

As a means of preparation for this, Democrats are looking to first pass measures that engender higher corporate taxes and individual rates. As the left looks to raise taxes on Americans amid an economic crisis, they’re claiming that these tax surges will help take on climate change and income inequities.

A former economic aide of the president stated that Biden wants a “fair” tax policy. Aside from raising the corporate and individual tax rates, the Democrat president has other measures in store. These measures include broadening the reach of the estate tax, surging capital-gains tax rate for particular high earners, etc.

An Assault on Economic Prosperity

The Biden administration’s assault on economic prosperity is undeniable. In his presidency thus far, Biden has shut down union jobs and is now looking to hike taxes at one of the most inopportune times.

Additional Biden-backed policies, such as the $15 federal minimum wage, would also put even more people out of work due to layoffs and business closures. Not a single policy to come from the current White House administration thus far is in keeping with economic prosperity.

What do you think about Joe Biden’s plans to raise taxes in order to fund his expensive spending packages? Let us know in the comments section below.