Biden's Plan: Whip Middle Class Harder

The middle class is working like coal mine mules to fund the Deep State, but Biden plans to whip us harder. I am sick & tired of Demented Biden repeatedly claiming that the wealthy do not pay their “fair share.” This is the BIG LIE greedy Democrat politicians have been repeating for decades. Every time Beijing Biden, Bolshevik Bernie, Fancy Nancy, Dizzy Lizzy Warren, Commie Kammie, multi-millionaires all, spew this lie, I wonder: “How many Americans are stupid enough to believe this?”

There has never been enough “wealthy Americans” to fund the Deep State’s gluttonous appetite. Not long ago someone calculated, if the federal government stole all assets owned by “wealthy Americans,” it would fund the DC Swamp for less than a week. Once the federal government reduces “the wealthy” to homeless poverty, they will need to turn to the American middle class, as they have always done, to fund the agencies and programs that do more harm than good.

MIDDLE CLASS AMERICANS ARE TAX SLAVES

There are not enough “wealthy Americans” to fund Biden’s massive 2025 budget he demands in order to transform America into his Marxist utopia. He is probably too senile to understand that, but his political handlers sure do. They are playing on Americans’ envy of “the wealthy” and, apparently, this con works on way too many voters.

The top one percent of taxpayers earned only 26.3 percent of total reported income in 2021, but paid 45.8 percent of all the income taxes received by the IRS. The share of income taxes paid by the top five percent was 65.6 percent, while the share paid by all other taxpayers declined due to Trump’s Tax Cuts & Jobs Act of 2017. The top 10 percent of taxpayers paid 75.8 percent of the total income tax collected by the IRS for tax year 2021.

On a gross basis, Biden’s FY 2025 budget would increase taxes by about $4.4 trillion over that 10 year period, which ensures younger Americans will never know the pride of homeownership. The tax increases would substantially increase marginal tax rates on investments, savings, and work, reducing economic output by 2.2 percent in the long run, and reducing real wages by 1.6 percent, and is likely to create a recession similar to the Bush/Obama recession that dominated our economy until Trump was elected.

The massive increase in taxes Biden demands can only come from the middle & lower classes. Period! This is no mystery!

KILLING TRUMP’S TAX CUTS & TRIPLING TAXES ON EARNERS

At his State of the Union tirade in March, Biden screamed out his vision of higher taxes and more complex rules for taxpayers at all income levels. Shortly thereafter, the Biden Regime released their FY 2025 budget outlining how the White House would implement his tax vision, indicating a gross tax hike of about $5.3 trillion from 2024 to 2034.

Biden’s tax increases, should he remain in the White House, includes allowing Trump’s tax cuts (TCJA) to expire at the end of 2025. It’s important to note that the lower TCJA tax rates apply throughout the marginal tax brackets, helping taxpayers at all income levels. Marginal rates will revert to their permanent pre-TCJA levels of 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. Under TCJA these income ranges are annually adjusted for inflation. If Biden gets his way, income will not be adjusted for inflation on Americans’ tax returns.

Trump’s tax cuts, which Americans have enjoyed since tax year 2018, doubled the standard deduction (indexed for inflation). Unless Trump wins in November these higher standard deductions return to the lower levels on January 1, 2026. These higher standard deductions especially helped renters who, under the previous tax code, could not claim deductions for property taxes and mortgage interest even though, via their rent payments, they were subsidizing their landlords’ property taxes and mortgage interest.

The basic standard deduction amounts before Trump’s Tax Cuts & Jobs Act of 2017 were only $6,500 for single filers, $9,550 for head of household filers, and $13,000 for married taxpayers filing jointly. The greedy Biden Regime is eager to to re-instate these lower deductions AND raise income tax rates. Currently, Trump’s standard deductions are $14,600 for single filers, $21,900 for head of household filers, and $29,200 for married taxpayers filing jointly, over twice as much as Biden’s.

I feel for younger Americans who are hoping to get a foothold on the ladder of success older Americans enjoyed: If you work hard and save, you will be rewarded with financial security. The Biden Regime plans to steal that hope.