(AmericanProsperity.com) – Tax adjustments are a major part of Democratic presidential candidate Joe Biden’s agenda. He hopes to increase taxes on businesses and the wealthy while providing extensive tax breaks for low-income Americans. But, these changes could do more harm than good.
Biden’s proposed changes to the tax plan include:
- Raising corporate taxes from 21% to 28%
- Establishing 15% minimum tax on corporation income
- Increase the tax rate on individuals making over $400,000 from 37% to 39.6% and subject their earnings to Social Security payroll taxes
- Increase the child tax credit from $2,000 to $3,000 or more, depending on the age of the child
Much of the changes focus on taxing the wealthy and redistributing that wealth to low-income families. However, decreasing the income of hard-working Americans will leave them with less money to spend on the goods and services they deem worthwhile.
Donald Trump Jr. also reflected on the impact of “Bidenomics” here:
🚨🚨🚨 Yikes!!! The Cost of Bidenomics
A new study on Biden’s tax, health-care, energy and regulation proposals predicts $6,500 less in median household income by 2030.
The Cost of Bidenomics – WSJ https://t.co/vxnouugC94
— Donald Trump Jr. (@DonaldJTrumpJr) October 18, 2020
When the government chooses where American money goes, rather than Americans themselves, we lose control of our communities and our influence on society. In contrast to Biden’s plan, President Donald Trump hopes to cut taxes for the middle class without raising taxes on the wealthy. This leaves choices about where American money goes in the hands of those who worked hard for it.
~Here’s to Your Prosperity!
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