Whether Joe Biden was your first choice for the Democratic nomination or your last choice (or somewhere in between) there are many, many reasons to be excited about a Biden presidency.
In this series, I will list 100 reasons, 1 by 1, to be excited about a Joe Biden presidency. These will run Sunday — Friday until the election.
Maybe you would like to be more excited about Joe. Maybe you want to have facts to share with your friends about Joe. Maybe you are already excited and want to learn more. Whatever the reason, this series is designed to share information and excitement about our future president.
Reason #1 to be excited about Joe Biden: Biden’s unapologetic liberal tax plan would nearly double the average tax rate paid by nonworking millionaires and aid the most vulnerable
how would this work?
In line with general Democratic demands, he would raise the corporate profits tax, eliminate deductions for high-income earners, repeal most of the Trump tax cuts and increase taxes on fossil-fuel emissions.
But he doesn’t stop there. His campaign has gone up and beyond, calling for three unique reforms that would dramatically increase taxes on the rich. If Biden’s reforms are implemented, the tax code will become more progressive than it has been for generations.
Emphasis added because HECK YAH!
What are the three reforms?
1. Making high earners pay
Social Security is funded through a 12.4% tax on the first $137,700 (in 2020) of workers’ annual wages (half is paid by the employer, half by the employee)…. Biden has proposed that earnings above $400,000 become subject to taxation.
Biden then reinvests these revenues in higher Social Security benefits for the poor. As a result, hundreds of thousands of seniors would be pulled out of poverty — without a single dime being spent by the middle class.
2. Ending the benefits the very rich get from capital gains
He has proposed eliminating the lower rates on dividends and long-term capital gains for everyone making more than $1 million per year. Because Biden is also planning to raise the top tax rate to 39.6%, his proposals will nearly double the average tax rate for nonworking millionaires.
3. Ending the benefit the VERY rich get on inheritance
Along with being taxed at extra-low rates, capital gains are given a second carve-out known as stepped-up basis at death…. This tax cut goes almost exclusively to the very richest families.
Biden doesn’t fuss around on this one. There is no “modification” or “tweak” to stepped-up basis at death. He just calls for repealing the provision entirely. Under the Biden tax plan, wealthy heirs will pay the same capital-gains taxes as everyone else.
Biden’s tax plans would increase taxes on the very rich enough to give us a bounty of funds. Future entries in this series will focus on the great plans Biden has for that money. For now, let’s end with the great ending the article had:
When Biden’s critics call him a “disaster” or a “neoliberal,” they are not highlighting his apathy for liberalism. They are highlighting their own apathy for reading. Biden’s progressivism has been there all along, hidden in plain sight.
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