Tonight, Biden is finally expected to make his speech to the joint sessions of Congress. The elderly president received harsh criticism for sheltering himself from the press and refusing to speak publicly without a teleprompter or handlers to guide him before his 99th day in office.
In the presidential address, Biden is expected to unveil what assistance American families can expect to receive through his ‘American Families Plan.’ The massive socialist spending wish list is aimed at helping families struggling during the pandemic. However, the government isn’t footing the bill that “senior administration officials say, will cost an estimated $1.8 trillion and comes on the heels of the not-yet-introduced-to-Congress “American Jobs Plan” ($2.25 trillion) that the president signed into law in March,” reports senior White House correspondent Christian Datoc.
Biden plans to pay for the American Families Plan and the American Jobs Plan through the massive tax increases he promised while campaigning. However, his promise has changed a bit. While he was campaigning, Biden promised that he wouldn’t raise taxes on anyone making more than $400,000 a year. The White House recently clarified that the tax would increase for those making $200,000 as an individual and $400,000 combined.
Datoc’s report states that Biden’s administration wants to re-establish Obama-era tax levels by “re-raising the highest income tax bracket to pre-2017 levels (39.6%.)” Biden also plans to “raise the capital gains tax for filers making more than $1 million a year to match the income tax rate (39.6%); Close the carried interest loophole for hedge fund partners, the special real estate break allowing investors to defer taxes on transfers larger than $500,000 and extend the current restrictions governing excess business losses;” and finally it will “consistently enforce all filers in the top income bracket to pay the same Medicare taxes.”
The left loves the idea of “taxing the rich,” but the reality is never what they want it to be. Americans that willingly pay taxes in the highest tax bracket are not saddled the same way the middle and lower economic class of Americans. Americans in the highest tax brackets have abundant, legal, and legitimate ways of hiding their money from the IRS, including but not limited to moving to a different country with better tax regulations.
Name one normal middle-class family that could uproot themselves for a better tax situation. The burden is never shouldered by the rich.
The hike in taxes will cause the continued crippling and possible death blow to America’s middle class. The Biden Administration is aware that the middle class is drowning and in desperate need of life support. Why else would it be expanding the Child Tax Credit among other subsidies in the American Families Plan? Instead, we get higher taxes and a federal government keen on writing blank checks.
The American Families Plan will aid families by making the “Child Tax Credit permanently fully refundable.” That means that Biden would increase the $2,000 to $3,600 for all children under 6. Children over 6 but under 18 will be eligible for the increased credit of $3,000. “Fully refundable” means that regardless of it you pay taxes or not, you will still get the credit.
Joe Biden's "free" community college will cost American taxpayers $109 billion.
Joe and I have two different definitions of the word "free."
— Lance Gooden (@Lancegooden) April 28, 2021
Biden’s plan also offers free Pre-K education programs and free community college, neither dependent on family income requirements. He plans to expand Obama Care tax credits. Christian Datoc reports that Biden’s plan will “permanently increase tax credits to support families with child care needs; make the earned Income Tax Credit Expansion for childless workers permanent; give the IRS the authority to regulate paid tax preparers.”
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