Four More Years, No More Money

So, how was your Tax Day? Hopefully, you managed to eke out a refund. If not, maybe you didn't end up owing anything. If that is not the case, I sincerely hope you only needed to write a check to the IRS this year and not arrange to have a kidney removed.

This year, April 15 was undoubtedly even more insulting to Americans who actually pay taxes since the money is being paid to a government that has managed to make the price of everything skyrocket. And there is no end in sight. As a matter of fact, Joe Biden and his handlers want to make sure of that. After all, there are so many programs, initiatives, pet projects, yet-to-be-named agencies, and yet-to-be-hired employees who are anxiously awaiting your largesse. And we aren't even counting any future omnibus spending bills that are integral to keeping the government functioning so it can collect more of your money. 

Four more years of Joseph Robinette Biden in the Oval Office will not come cheap. In an op-ed for Fox News, Grover Norquist, the president of Americans for Tax Reform, hit some of the highlights of what you can expect for taxes during Biden 2.0

• Let’s start with a hike in the corporate income tax from 21% to 28%. That’s a higher tax rate than France, the UK, and Communist China.  Their rates are set at 25%. Norquist notes that if you account for the average state corporate tax rate of 4%, we are looking at 32%. But relax, we would still only be Number Two, right behind Colombia.  
• Biden is also looking to boost the tax on Subchapter S corporations, partnerships, and all "pass-through" businesses. Most of those are small businesses, and they would be looking at 39.6%. Norquist notes, “These employers pay their taxes through the personal income tax rate, not the corporate rate.”
• That is just the warm-up. Biden also wants to increase the federal capital gains tax to 44.6%. If by some miracle, you still have a business in California, you would pay the federal capital gains tax plus a 14.4% state capital gains tax, which comes out to 59%. New York state business owners would be clouted with a combined 53.4% tax rate on capital gains.
•  Do you like your death tax? How about a second helping? Good ol’ Joe from Scranton wants to add a second death tax. This will be done by getting rid of the “stepped-up” basis when deceased parents pass on things such as homes, lands, and stocks to their children.
•  Let’s not forget an energy/carbon tax. Norquist notes that Biden, Vice President Kamala Harris, Treasury Secretary Janet Yellen, and Transportation Secretary Pete Buttigieg have all endorsed such a tax, and this spring, all but ten House Democrats voted against a resolution opposing a carbon tax. 
•  We’ve saved the best for last. That is a tax on “unrealized gains” or on money you have not made. If you have a stock account or land that has increased in value during the year, it will be subject to this tax. Now, keep in mind that in this scenario you have not sold your land or your stock, but you will be taxed on it as if you did sell it and received income.

In other news you did not need to hear, but which is related, Utah Senator Mike Lee recently had Energy Secretary Jennifer Granholm on the proverbial hot seat. On Tuesday, Lee wanted to know if Granholm understood what the consequences for ordinary Americans would be if the administration pursued its quixotic quest for Net Zero emissions. He was also understandably curious as to how much the effort would reduce the earth's temperature. As you can see below, Lee gave it the old college try.

Citing estimates from Goldman Sachs, the Daily Caller reports that Biden's Inflation Reduction Act had subsidies to push the development of green energy sources that could end up costing the nation over $1 trillion.

Of course, Biden's handlers and his cabinet are well aware of the effects such taxes will have on Americans, even if Biden is only vaguely aware of those effects himself. They know, they just don't care. Big government has a big appetite and a big ego. And those in power will sleep well, knowing that they have made the world a better place by forcing you to take a pill that they will never even have to see.