Biden Backtracks On Earlier Promises, Makes INSANE Tax Proposal

First of all, let me set the tone—taxation is theft. All taxation is theft.

We must stop pretending that there is any difference between statists of all varieties, whether they be ‘conservative’ or liberal, and socialists. There is no difference.

If you support the outright theft of property by the state for any purpose—especially the ‘good’ of others or society, you are a socialist. If you support social security, you are a socialist.

Those who support asset seizure and forfeiture are likewise socialists.

Joe Biden has backtracked on earlier promises not to raise taxes on the middle class or individuals making less than $400,000.

The usurper has proposed a massive capital gains overhaul, with a top capital gains tax of 39.6%, with some sources reporting a 44.6% rate. Short-term capital gains are already taxed around ~40%.

What I want to know is how it is justifiable, in any sense, for the state to lay claim to money made by the sweat of our brow.

If Biden can pass his insane proposal then the people of the United States should respond in kind by refusing to pay taxes of any kind. Our forefathers did it, we need to do it now.

After all, we are now taxed at far higher rates and our will is ignored more than they were in the days of the British crown.

Tax hike or not, America needs a second revolution. We are taxed on our income, anything we buy, our property, capital gains we make in the form of digital numbers, and even when we die.

To make matters worse, that money is funneled to foreign countries, political parasites, and every kind of degeneracy and tyranny imaginable.

Enough is enough America. Enough is enough. I wasn’t the only one pointing out the insanity of Biden’s proposals:

🚨 Just in:

Biden proposes for a 44.6% top capital gains tax rate, the highest capital gains tax since its creation in 1922 pic.twitter.com/B3HGIoXNaA

— Michael Burry Stock Tracker ♟ (@burrytracker) April 24, 2024

Biden has proposed a 44% Capital Gains Tax.

This is the HIGHEST capital gains
tax in more than 100 years

This is how they legally steal your wealth,

By rigging the laws.

— Vandell | Black Swan Capitalist (@vandell33) April 24, 2024

Taken directly from the White House ‘fact sheet’ regarding Biden’s tax policies:

Ends Capital Income Tax Breaks and Other Loopholes for the Very Wealthy.

The President’s Budget will end one of the most unfair aspects of our tax system—the fact that the tax rate the wealthy pay on capital gains and dividends is less than the tax rate that many middle-class families pay on their wages.

Households making over $1 million—the top 0.4 percent of all households—will pay the same 39.6 percent marginal rate on their income just like a high-paid worker pays on their wages.

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Moreover, the Budget eliminates the loophole that allows the wealthiest Americans to entirely escape paying taxes on their wealth by passing it down to heirs.

Today, our tax laws allow these accumulated gains to be passed down across generations untaxed, exacerbating inequality.

The Budget will close this loophole, ending the practice of “stepping-up” the basis for gains in excess of $5 million per person and $10 million per married couple ($5.25 and $10.5 million, respectively, when combined with existing real estate exemptions), and making sure the gains are taxed if the property is not donated to charity.

The reform is designed with protections so that family-owned businesses and farms will not have to pay taxes when given to heirs who continue to run the business.

Without these changes, billions in capital income would continue to escape capital gains taxation entirely.

Last year, The Kobeissi Letter summarized Biden’s changes to our tax code:

“Raise capital gains tax from 20% to 39.6%, highest since 1978. Top tax rate raised from 37% to 39.6%. Corporate tax rate raised from 21% to 28%. 

Self employment tax raised from 3.8% to 5.0%. Increase IRS funding by 15% on top of $80 billion from the Inflation Reduction Act. 25% minimum tax rate on households with $100 million+ net worth.

Elimination of tax break for crypto investors. Elimination of carried-interest tax break. Increase stock buyback tax from 1% to 4%.

These changes come as the United States has battled 5%+ inflation for 21 consecutive months and housing affordability is below 2008 levels.”

SUMMARY OF BIDEN'S TAX CHANGES:

1. Raise capital gains tax from 20% to 39.6%, highest since 1978

2. Top tax rate raised from 37% to 39.6%

3. Corporate tax rate raised from 21% to 28%

4. Self employment tax raised from 3.8% to 5.0%

5. Increase IRS funding by 15% on top of $80…

— The Kobeissi Letter (@KobeissiLetter) March 9, 2023

Biden wants to double the capital gains tax to 40%.

I am a Christian and I try to keep it clean on Twitter, but FUCK ALL THE WAY OFF!

— Lavern Spicer 🇺🇸 (@lavern_spicer) March 9, 2023

The Hill explained:

Capital gains revenue is uniquely determined by the “lock-in effect.”

If the tax rate is too high, investors hold onto their assets.

If the tax is low enough, investors have an incentive to sell assets, realize capital gains and the Treasury benefits.