Staff Reports
President Biden’s tax proposals have about as much chance of passing as a kid has of getting a pony for their birthday. Biden has been beating the drum for higher taxes on the wealthiest Americans and corporations since he took office, but he hasn’t had much luck making it happen.
Biden’s plan would raise the corporate tax rate from 21% to 28%, bringing in a cool $1.35 trillion over the next decade, according to the administration’s budget projections. He also wants to hit billionaires with a 25% minimum tax and raise the capital gains tax for those earning over $1 million to a whopping 39.6%. That’s a whole lot of moolah!
But, hold onto your hats, because that’s not all! Biden also wants to hike the top marginal tax rate for folks making over $400,000 a year to 39.6%. It’s like Robin Hood, but instead of stealing from the rich to give to the poor, Biden wants to tax the rich so he can spend like crazy on his big government plans.
The reality check here is that Biden’s tax dreams are just that – dreams. His big proposals have fallen flat thanks to opposition from Republicans and even some of his own party members. The chances of getting these tax hikes through a Republican-controlled House are as slim as a pencil line. Good luck with that, Mr. President!
Biden did manage to score some smaller wins, like a 15% minimum tax on billion-dollar corporations and a 1% tax on corporate stock buybacks. However, these wins are like finding a quarter on the ground when you were hoping for a hundred-dollar bill. It’s better than nothing, but it’s not exactly hitting the jackpot.
In the end, Biden’s tax vision is looking more like a mirage in the desert than a real-life policy. It’s a tough sell in an election year with Republicans in control of the House. But hey, at least he’s talking a big game, right? In the meantime, the battle over taxes between Biden and the Republicans remains as fiery as a grilling session on a hot summer day.
