5 banks fail … as Biden lays out 13 new taxes

By Taxpayers Association of Oregon
OregonWatchdog.com

In the past 100 hours, Signature bank has failed and also Silicon Valley Bank (represents the second and third largest bank failures in history).  Also recently, Silvergate, Voyager and Three Arrows Capital have fallen in the past few weeks.

Also, in the past 100 hours, President Joe Biden laid out his new budget roadmap which includes 13 new taxes.

Here is where Biden’s massive tax and spend policies is taking America.

Here are 13 taxes that are included in Biden’s new budget proposal.

• 33% Business tax hike. Raising corporate tax rate from 21% to 28%. This is higher than China’s rate of 25%.

• Income tax increase. Raises top personal income tax rate from 37% to 39.6% (those $400,000+).

A combined state and federal taxes under Biden’s plan on top higher earners would make the United States higher than many European nations:

Combined Federal and State Taxes
—————————————
55% – USA (under Biden plan)
54% – Spain
52% – Sweden
47% – Germany
45% – U.K.

• Real estate tax. Biden’s plan calls to eliminate investors’ 1031 Like-Kind real estate exchanges.

• Nearly double capital gains taxes. Biden plan calls for raising the capital gains tax from 20% to 39.6%. Combined with state taxes, would make capital gains tax rate near 60% in some states.

• Surtax on a surtax. Extends current 3.8% surtax applied on investment income (couples $250,000+) to count as business income.

• 32% Medicare tax increase. Raises Medicare payroll tax from 3.8% to 5% (for those $400,000+). These higher income taxpayers already pay a higher tax rate and contribute more to the Medicare fund than lower income workers, but are now asked to pay even more.

• Quadruples stock buyback tax. This plan would increase the current 1% tax on stock buybacks (enacted just last year) to 4%.  Companies sometimes buy back stocks when their stock is falling and undervalued, and yet now Biden aims to kick such businesses when they are down.

• Doubles Global minimum tax. Increase Global Intangible Low-Tax Income (GILTI) on U.S. multinational businesses from 10.5% to 21%.

• $31 billion tax on oil and gas companies.

• $23 billion retirement tax. Biden’s plan caps retirement plan benefits over $10 million and earnings above $400,000.

• $24 billion cryptocurrency tax

• 30% excise tax on digital currency. This would tax the cost of electricity it takes to create digital currencies.

• 25% Wealth asset tax: Higher income earners would pay a 25% minimum tax on their possessions when they increase in value (for those $100 million+).  Normally such assets are taxed when they are sold and when there is an actual profit, but under this scheme people would have to asses the value of every possession and its increase and decrease every year. For instance, if you owned a piece of artwork you would need to calculate its value every year and pay taxes on any year its value increases and then pay taxes again when you sell it. This would allow the IRS to force people to begin itemizing every single possession of value by Americans, starting with higher income people and to calculate its value change every single year.  It will then soon work its way down from higher income people down to you and I — just like the Biden Administration tried to track every bank transaction over $600.

DON’T BUY THE LIE THAT BIDEN ONLY TARGETS HIGH INCOME PEOPLE:

Biden promised to raise taxes only on people who make $400,000 or more.  Yet, his capital gains tax will hit everyone regardless of income.  Biden’s Budget surtax hits families who make $250,000.  His digital currency tax will raise the price for everyone who uses digital investments.  Already Biden’s hit on oil companies (blocking leasing, blocking pipeline) have caused the price of gas to reach record highs.  This is a perfect example of how Biden’s backdoor taxes directly hit everyday taxpayers and make life miserable for everyone.

We have hit record high gas prices because of Biden’s policies (even when Biden drew down strategic oil reserves to cheapen the price of gas).  How much higher will it go if Biden gets his new $31 billion gas and oil company tax in his latest budget?

If grocery stores are closing in Portland and across America under the current 21% corporate tax, how many more will close with Biden’s new 28% corporate tax?

If prices are high now, how much more will they be for you and I under Biden’s 33% business tax increase?

If stocks are hurting now, how much will they be hurt with Biden’s new stock buyback tax?

If 5 huge banks are failing now, how many more will fail with Biden’s investment surtax?

Taxpayers should be alarmed and fight against President Biden’s tax increases.

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