The Democrat nominee Joe Biden is fully under the sway of the hard-left radicals that have taken control of his party and as such, is now promising to make sure that anyone who makes a certain amount of money will have taxes increased on them by a substantial amount, all in the name of “fairness.”
It’s pretty obvious that it’s far from fair.
According to Fox News, an interview with Biden that aired Sunday featured Biden’s tax plans for individuals and businesses who make over a certain amount. In business terms, get ready to find yourself paying the federal government a hefty sum under President Biden:
In an interview with ABC‘s David Muir that aired Sunday, Biden discussed his plan for raising taxes that included this segment of the population and appeared to include businesses as well.
“I will raise taxes for anybody making over $400,000,” Biden said. “Let me tell you why I’m going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share — corporations should pay a fair share.”
Biden referred to businesses that take in “close to a trillion dollars and pay no tax at all.”
After saying this, Muir questioned the wisdom of burdening businesses with new taxes while the economy needs to recover from the coronavirus crisis.
“It’s smart to tax businesses that in fact are making excessive amounts of money and paying no taxes,” Biden said.
Fox News reported that this would raise tax revenue by $3.2 trillion over the next ten years.
The problem with this is that the average small business that has around two to four employees earns somewhere around $400,000. Businesses that go beyond that hit somewhere in the millions.
In order to avoid getting hit by incredible taxes, you have to make sure that your business stays below a certain amount. Since small businesses generate 44 percent of our economy, Biden’s tax plan would effectively arrest our economy in the longterm in ways that the Coronavirus would call “excessive.”
Small businesses don’t have the same money strategists, lawyers, and accountants that allow them to sidestep as many taxes as possible. They’re local businesses run by people passionate about their trade. Many won’t grow beyond a few stores if they open any locations at all. It’ll be these businesses that pay the bulk of the taxes.
That means many of you reading this right now.
You won’t be able to grow your business. Employees looking for a job won’t be able to find one. It’ll be one more case of economic arrested development thanks to Democrats.