The holiday weekend is in sight – and so is the tax hike fight.
After Labor Day, congressional Democrats will ram through their Socialist Agenda – and they’ll stick the American people with the tab.
Here’s what you need to know about President Biden’s $3.5 trillion tax hikes:
ON MIDDLE-CLASS FAMILIES:
- President Biden wants to repeal the Tax Cuts and Jobs Act, which will cost 6 million U.S jobs over a decade.
- A middle-class family of four making just $73,000 – will have their family budget slashed by $20,000.
- Both the left-leaning Tax Policy Center and the non-partisan Joint Committee on Taxation(JCT) agree working families will see their taxes go up.
- According to the Tax Policy Center, President Biden’s tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families over the long term – contradicting his pledge not to raise taxes on middle-class Americans.
- The JCT analysis shows that more than 172 million taxpayers would bear the burden of the increased corporate tax rate – and disproportionately harm U.S. workers, retirees, and small businesses.
ON FARMERS AND RANCHERS:
- Stepped-up basis is what makes it possible for a family business – like a farm – to pass from one generation to the next without being forced to sell off assets to pay an enormous tax bill to Washington.
- Democrats’ proposal to repeal stepped-up basis threatens the livelihoods of America’s farmers, ranchers, and small business owners – and acts like a second supercharged death tax.
- Analysis by EY and the Family Business Estate Tax Coalition determined that Democrats’ second death tax will destroy over a million jobs, slash paychecks for workers, and shrink our economy by $100 billion over the next decade.
- A new study from Rice University shows that Bidenflation could nearly double these negative impacts.
- Pat McDowell, who owns a ranch with his two brothers in central Texas, said this would spell the end of the McDowell Ranch. Read the stories from rural America here.
- In addition, studies show that President Biden’s doubling of the capital gains tax would shrink the economy by $124 billion. The left-leaning Tax Policy Center writes that Biden’s proposal raises taxes far past the amount necessary to maximize revenue. Past analyses by the Congressional Budget Office and the Joint Committee on Taxation agree.
ON MILLIONS OF MAIN STREET BUSINESSES:
- The Biden Administration has claimed that the majority of small businesses will be exempt from his tax hikes – but the Tax Foundation has said that’s “misleading.”
- President Biden’s 33 percent tax hike would hit nearly 1.5 million small businesses that employ more than 12.5 million Americans.
- Democrats want to eliminate the small business deduction, which 21 million small businesses relied on in 2019 to invest, hire new workers, and increase employee benefits.