Incompetent buffoon and President of the United States Joe Biden is pushing for a new tax levy that will hit an estimated 1.9 million firms and see people who inherit loved one’s enterprises heavily affected as well – a blatant reversal of his 2020 campaign pledge not to hike taxes on small businesses.
Biden’s small business tax promise was made on Feb. 20, 2020, before a national audience during a Democratic debate hosted by MSNBC:
MSNBC’s Hallie Jackson: “I want to ask you about Latinos owning one out of every four new small businesses in the United States. Many of them have benefited from President Trump’s tax cuts, and they may be hesitant about new taxes or regulations. Will taxes on their small businesses go up under your administration?”
Biden: “No. Taxes on small businesses won’t go up.”
Oh look, here’s the video:
IMPORTANT UPDATE FROM THE WHITE HOUSE: “We changed our mind. It turns out Joe and his fellow Democrats have expensive taste. That $3.5 trillion has to come from somewhere!”
Here are the vomitous details:
Next week, House Democrats will vote on the framework for a plan to raise the top marginal income tax rate to 39.6% from 37%.
The White House made an attempt to cover their rumps by claiming that Biden’s increase in the top marginal income tax rate would “only” hit three percent of small businesses.
According to Americans For Tax Reform, approximately 1.9 million small businesses will be affected.
In addition, Biden plans to remove a ‘step up’ in basis on inherited property.
The current rule allows a person who inherits a business property to sell it immediately without paying any capital gains tax, but Biden wants to remove that loophole.
Americans For Tax Reform has additional details HERE. We recommend you avoid reading the details if you currently suffer from depression.