Report: Biden’s proposed massive tax hike is inevitable if Democrats win the Georgia Senate run-off

WASHINGTON, D.C.- As the Georgia Senate run-off elections approach, the stakes could not be any higher, especially for those considering their wallets, their small businesses, and their financial futures.

Breitbart News reported that Democrat presidential nominee Joe Biden’s plans for massive tax hikes will more than likely hit nearly every American’s bank account. Small businesses, in particular, may get socked with much higher taxes.

However, in order to enact his over-the-top money-grab plan, Biden needs Democrats to win both of the Senate seats in the upcoming Georgia run-off.

That would essentially be enough to evenly divide the Senate, giving Sen. Kamala Harris (D-CA), Biden’s running mate, the ability to swing control the Senate to the Democrats and cast the deciding vote on issues that are spilt along party lines, like tax hikes.

Below are the tax hikes that Biden and Harris have promised to implement as one of their top priorities if and when they take office:

End the 20 percent deduction for small business incomes above $400,000;

Hike the corporate tax rate from 21 percent to 28 percent;

Households could face higher utility bills as power and water providers pass on the cost of the higher taxes;

Raise the top individual income rate back to 39.6 percent from 37 percent;

Impose the 12.4 percent payroll taxes on earned income above $400,000 and;

Revive the Obamacare individual mandate tax.

According to recent estimates by the Tax Policy Center and the American Enterprise Institute, the Biden plan would raise taxes on businesses and individuals by between $2 trillion and $3 trillion over a decade.

The Tax Foundation said that Biden’s plan would have the biggest tax increase since the late 1960s when the country was struggling to pay for the Vietnam War and Lyndon B. Johnson’s Great Society welfare programs.

Simply put, if the Democrats succeed in the Georgia Senate races, the country would face a blue tidal wave of tax hikes. However, if even one of the two Georgia Republican senate candidates wins, the GOP’s senate control will continue.

For every tax action in Biden’s proposal, there is a reaction. His tax proposals tough upper-income individuals. States that have enacted “millionaires taxes” on high-income earners or raised taxes on businesses, have discovered that those affected can depart for less-onerous tax locales, leading to tax increases on taxpayers who remain.

Biden often claims that he only wants to raise taxes on high-income households and corporations, but nearly every American family could pay more if his tax hikes become law.

This is because utilities that supply water, natural gas, and electricity to American homes are legally permitted to pass on the cost of higher tax bills to their customers.

If Biden gets to hike corporate taxes, that could translate directly into larger bills for power and water. John Bartlett, president of Reaves Asset Management said:

“Any change in tax law would mean that the amount of money utilities collect goes up.”

Biden does not just plan on hiking taxes for corporations. He also plans to phase out the Qualified Business Income Deduction for incomes above $400,000, which could mean much higher taxes for many small businesses.

Under current law, the owner of a the business gets a deduction equal to the lessor of a) 50 percent of the wages paid or b) 20 percent of his net income. Biden plans to eliminate the deduction for incomes that are $400,000 or higher. 

Biden also plans to hike payroll taxes on incomes in excess of $400,000. Under current law, the Social Security payroll tax phases out after $142,800 in 2021. Medicare does not phase out under current law, it staggers up from 2.9 percent on the first $200,000 of income to 3.8 percent on income above that level.

Biden would have the 12.9 percent Social Security tax kick back in at $400,000, although his plan calls for an income tax deduction for 50 percent of the increase. This translates into a payroll tax hike from around $46,000 under current law to close to $86,000 after Biden’s tax hike.

One of the major accomplishments of the Trump administration was the repeal of the penalty attached to the individual mandate to buy health insurance imposed by Obamacare. Biden has promised to restore the penalty, which legally constitutes a tax on being uninsured.

Biden also wants to expand the estate and gift tax by reducing the exemption amount to $3.5 million and increasing the top rate for the estate tax to 45 percent. This means that owners of family businesses, including farms, would face higher taxes when they try to pass them on to the next generation.

The likely effect of all these tax hikes will be to slow the economy, however, it is still unclear how much it will slow down. Joe Biden’s economy may come to be known as the “Slow Joe” era. If the Republicans can hold the Senate by winning in Georgia’s run-off, then the economy might be rescued from the undertow of Biden’s tax hikes.

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Biden’s plans could add $34 billion in new taxes against gun owners, including a tax on guns already owned

November 26th, 2020

WASHINGTON, DC – According to a recent report, Democrat presidential nominee Joe Biden’s gun tax proposal could cost gun owners upwards of $34 billion for guns and magazines that they already possess.

Biden’s proposal includes a $200 tax for each AR-15 that is already owned. This tax would also apply to other firearms Democrats label as “assault weapons.” In addition, Biden wants to tax gun owners $200 for every “high capacity” magazine they own.

Under Biden’s provisions to the National Firearm Act (NFA), owners of guns that are deemed “assault weapons,” might also be required to register those weapons with federal authorities, submit the fingerprints and photograph, and potentially submit to an FBI background check.

Biden’s campaign website states the details of his NFA:

“Regulate possession of existing assault weapons under the National Firearms Act. Currently, the National Firearms Act requires individuals possessing machine-guns, silencers, and short-barreled rifles to undergo a background check and register those weapons with the Bureau of Alcohol, Tobacco, and Firearms and Explosives (ATF).

“Due to these requirements, such weapons are rarely used in crimes. As president, Biden will pursue legislation to regulate the possession of existing assault weapons under the National Firearms Act.”

On Biden’s website, there is then a link to a memorandum from former Congresswoman Gabrielle Giffords’ Giffords Law Center that calls for regulating “assault weapons” under the NFA:

“…In order to possess NFA firearms, individuals must undergo a background check process that includes the submission of photo identification and fingerprints and requires the registration of the firearm with the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). Individuals must also pay a $200 transfer tax, an amount that has not changed since the NFA was established in 1934.”

The Giffords’ memorandum specifically defines “assault weapons” to include the AR-15, stating:

“Assault weapons are a class of semiautomatic firearms that are designed to kill people quickly and efficiently. The most common variety, the AR-15, is the civilian version of the M16, a combat rifle that made its debut on the battlefield in Vietnam.”

Breitbart News recently reported that the National Shooting Sports Foundation (NSSF) numbers show that Americans own an estimated 434 million firearms. Nearly 20 million of those firearms are Modern Sporting Rifles, firearms that the Democrats categorize as “assault weapons.”

NSSF noted that there are an “estimated 19.8 million Modern Sporting Rifles (MSR)” in circulation since 1990 alone. MSRs include AR-15s, AK-47s, variants of both rifles, and other commonly-owned semi-automatic rifles.

Reportedly, under Biden’s plan, the tax for the nearly 20 million Modern Sporting Rifles alone could be close to $4 billion. NSSF numbers also show that Americans own over 71 million pistol magazines capable of holding more than ten rounds and 79.2 million rifle magazines capable of holding 30 or more rounds.

Rounding that figure of 150 magazines, the tax on those could be close to $30 billion. By adding the $4 billion rifle taxes, American gun owners could end up owing $34 billion. 

Last year, in an interview with CNN, Anderson Cooper asked Biden:

“So, to gun owners out there who say, ‘Well, a Biden Administration means they’re going to come for guns?’”

Biden responded:

“Bingo. You’re right. If you have an ‘assault weapon,’ the fact of the matter is they should be illegal, period.”

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Biden and Harris make no mention of gun control in recent speeches – as millions of Americans buy firearms (op-ed)

September 1, 2020

Over the last several months, Americans across the country have poured into gun stores, setting gun sale and background check records for nearly seven straight months.

What is unusual is that the normally loud and vocal gun-control leftists are suddenly silent.

Award-winning Second Amendment columnist, AWR Hawkins, recently gave an example of leftist Joe Biden and his acceptance speech at the Democratic National Convention (DNC).

Allegedly, Biden spent months on his campaign trail promising universal background checks, an “assault weapons” ban, and a “high capacity” magazine ban.

Biden even went as far as to support government-mandated buyback programs for certain firearms, however, he did not mention gun control at all during his DNC acceptance speech. Below are some excerpts from his speech:

“No generation ever knows what history will ask of it. All we can ever know is whether we’ll be ready when that moment arrives. And now history has delivered us to one of the most difficult moments American has ever faced.”

“More than 170,000 Americans have died. By far the worst performance of any nation on Earth. More than 50 million people have filed for unemployment this year.

More than 10 million people are going to lose their health insurance this year. Nearly one in six small businesses have closed this year.”

“One of the most powerful voices we hear in the country today is from our young people. They’re speaking to the inequality and injustice that has grown up in America. Economic injustice. Racial injustice. Environmental injustice.”

Nothing at all was said about gun-control or about any type of gun-control push, policy, or initiative. Biden’s running mate, Kamala Harris also did not mention gun control during her August 19, 2020 DNC acceptance speech. Below are some excerpts from her speech:

“I know a predator when I see one.”

“And while this virus touches us all, let’s be honest, it is not an equal opportunity offender. Black, Latino, and Indigenous people are suffering and dying disproportionately. This is not a coincidence. It is the effect of structural racism.”

“Joe will bring us together to build an economy that doesn’t leave anyone behind. Where a good-paying job is the floor, not the ceiling. Joe will bring us together to end this pandemic and make sure that we are prepared for the next one.”

“Joe will bring us together to squarely face and dismantle racial injustice, furthering the work of generations.”

Again, not a single mention of gun control policy or initiatives. The closest Harris came to mentioning anything about gun control was the fact that Biden worked hard to secure the Assault Weapons Ban back in 1994, almost 26 years ago. 

When Harris was campaigning she pushed over and over for universal background checks and government-mandated buyback programs. Yet, when she spoke at the DNC she did not share any such message.

According to reports, back on July 14, 2019, Harris pledged to go around Congress to secure gun control via executive action if Congress refused to support her strict gun control agenda.

Then in September 2019, Harris vowed her support for government mandated buybacks of AR-15 rifles. Allegedly, at the time she had’t worked out all the details, but said, “I think it’s a good idea.”

Harris has gone on record voicing support for universal background checks and prohibiting rifle purchases for 18-20-year-olds. 

Harris is also opposed to allowing teachers to be armed for classroom defense. Back in April 2019, Harris said in a tweet:

“We need to give teachers a raise, not guns.”

Oddly enough, a few days later, Harris admitted that she owns a gun to keep herself safe. She said to reporters:

“I own a gun for probably the reason that a lot of people do: for personal safety.”

Back in February 2020, Biden used an entire speech in South Carolina to warn gun manufacturers. He said:

“I’m going to take you down.”

Hawkins also makes mention that in addition to Biden and Harris being quiet on the issue, many once vocal Hollywood elites have also grown more silent on gun control.

It is unclear why many once loud, vocal Democrats have stopped pushing their gun control agenda.

As Hawkins puts it, maybe its the endless videos of riots in Democrat-run cities where violent people are attacking innocent people or maybe it is the seemingly endless violence in Democrat-run Chicago and New York City or the exhausting, relentless war on law enforcement. 

Maybe it is a combination of it all, but regardless, with the presidential election practically two months away, some might wonder if gun control is going to be an initiative for the leftists at all.

Running on gun control did not bode well for the Democrat presidential ticket back in 2016.

Maybe this new-found silence of Biden and Harris as well as many other leftists is them indicating that they know gun control is not a winning topic in 2020 either. 

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Author: Jenna Curren

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I'm awesome! What else would I say about myself.