Joe Biden is empowering the Internal Revenue Service with billions of dollars and undue authority to collect taxes from high earners and corporations. Many wealthy Americans and those in corporate America have navigated through tax loopholes and regulations in the past, but the price or Biden is now simply too high.
Two sources close to the Biden administration revealed the president’s push to reclaim taxes is solely to fund his forthcoming spending packages.
However, Biden’s money-grubbing scheme doesn’t stop there. In addition to bolstering the IRS, the Biden administration will now require non-corporate businesses and other wealthy Americans to disclose each and every dollar earned, wringing every last scent from the American taxpayer. Those earning money in the U.S. will not longer have any ability to conceal income from the government.
With such a stringent crackdown, one might think Biden’s effort will produce bountiful billions to use on roads, bridges – or even to finish Trump’s border wall; but no. Economists are predicting Biden’s proposal will only result in $700 billion in revenue for America in the next two decades.
According to the Biden administration, these initiatives, combined with the upcoming new taxes on corporations and wealthy Americans, are an effort to level the playing field between the working class and the highest earners in the U.S.
Revenue from these efforts will be used to help pay for Biden’s “American Families Plan,” which the president will detail before addressing a joint session of Congress on Wednesday.
The Biden administration’s “American Families Plan” plan is expected to cost at least $1.5 trillion, and follows Biden’s $2.25 trillion infrastructure package. The Times said the plan will include universal prekindergarten, a federal paid leave program, efforts to make child care more affordable, free community college for all, and tax credits meant to fight poverty.
Also to help pay for the “American Families Plan,” the administration wants to raise the top marginal income tax rate for wealthy Americans from 37% to 39.6%, and raise capital gains tax rates for those who earn more than $1 million a year.
A person familiar with the proposal also said Biden wants to raise the tax rate on income that people earning more than $1 million per year receive through stock dividends.
Author: Asa McCue