Only hours after reports revealed Joe Biden's aggressive plans to tax tons of money away from middle class Americans, a new documentation appeared, showing how he is putting plans together to also "Raid the rich."
The Daily Mail report notes Biden's plan, revealed in a footnote, demands a top marginal rate on long-term capital gains dividends of up to 44.6%. That would put the actual tax rate higher than 50% in states like California, New Jersey and New York.
The tax rate comes in a footnote from the General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals.
WND had reported only a day earlier Biden was threatening Americans in the nation's middle class with a huge tax increase if he's re-elected.
It explained Biden's plan to let the tax changes "Stay expired" actually "Would be a massive middle-class tax hike because the Tax Cuts and Jobs Act was a massive middle-class tax cut. Yes, wealthy people also saw their taxes reduced by the TCJA, but the law actually shifted a greater portion of the tax burden onto the wealthy."
Gone to Americans would be a doubling of the child tax credit, a doubling of the standard deduction and lower tax rates.
"Keep in mind that rich people don't use the standard deduction, and the child tax credit phases out for the wealthy, and so these tax hikes would really only hit the non-rich," the report warned.
https://www.wnd.com/2024/04/now-bidens-plan-raid-rich-revealed/
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