President Biden Promises $5 Trillion In Tax Increases If Reelected

President Biden has promised to build America from the “bottom up” during his presidential campaign and as President of the United States, however, building from the bottom up has included signing Democratic and bipartisan legislation that has increased the national debt to $34 trillion. Since 2022, the amount of borrowing President Biden has authorized includes $4.8 trillion. At this rate, by 2035, the national debt is expected to surpass $35 trillion.

Someone has to pay for massive government spending, and that is the American taxpayer.

Interest payments on the United States national debt consumes nearly 40 percent of all individual personal income taxes. In order to finance the government spending spree, President Biden has promised five trillion dollars in tax increases that would trickle down to the middle class, rather than targeting the “rich” to pay their “fair share.”

According to the President of Americans for Tax Reform Grover Norquist, “Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.”

In an eye-opening Tax Day opinion editorial, Norquist notes:

Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.

Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.

Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

Biden also promises to increase the tax on Subchapter S corporations, partnerships and all “pass through” businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.

Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years.

Under Biden you could work for 40 years, sell your business and the government could take half or more.

The Globe has extensively reported that Nevadans are suffering the most due to government spending that has caused skyrocketing inflation in the Silver State.

Nevada’s inflation rate rose to a whopping 21.6 percent last month, an increase of one percent from February. Relative to January 2021 prices, Nevadans are paying an additional $1,168 per month, or $27,782 per year, for basic household expenses. Back in November, 2023, The Globe reported that Nevadans are spending over $13,296 per household due to “Bidenomics.” In May 2022, The Globe reported that Nevadan households were hit the hardest by inflation. At that time, Nevadans were paying an additional $8,231 annually for basic household expenses.

Last week, Republican Governor Joe Lombardo sent a letter to the Biden administration blasting government spending and urged the administration to curb inflation by reining in federal spending.

“Here in Nevada, we are now at a stage where the housing shortage and inflation are tearing at the very fabric of our state,” said Governor Lombardo.” Just yesterday, the U.S. Bureau of Labor Statistics (BLS) released the March Consumer Price Index, which showed that consumer prices spiked 3.5 percent over March 2023  – this is unsustainable. Your administration must halt excessive federal spending to curb future inflation, which will lead to irreversible calamity not only in Nevada but across the nation.”

Additionally, wages have actually fallen or remained stagnant since President Biden took office.

To compare wages over time and in relation to inflation, Statista reports, “In 2022, the usual median hourly rate of a worker’s wage in the United States was 18.12 U.S. dollars, a decrease from the previous year. Dollar value is based on 2022 U.S. dollars. In 1979, the median hourly earnings in the U.S. was 16.75 dollars.”

As Nevada Democrats incessantly campaign on saving “reproductive freedom” for women, who under Nevada law can have an abortion at six months of pregnancy, Nevadans are having a hard time simply saving money for a rainy day in the Biden era of massive government spending.

In November, Nevadans will ultimately decide if massive tax increases to fund the debt and taxpayer-funded late-term abortions are more important to their overall, financial health.