President Biden’s “Rebuild Better” plan sounded clumsy at first, but it turned out to be bad in terms of branding and practice, because his plan seemed to raise income taxes to the highest level in developed countries. This is obviously a good plan for those who are staring at huge mid-term losses and whose policies are generally unpopular.
according to New York PostAs analysts have said, the trillion-dollar proposal being considered by the House of Representatives will cause the top tax rate to soar:
this The $1.75 trillion proposal currently before the House of Representatives The analysis shows that the representative of the United States will eventually increase the average maximum tax rate on personal income in the United States to as high as 57.4%, which is the highest among the 38 member states of the Organization for Economic Cooperation and Development.
According to data from the Washington, DC-based think tank Tax Foundation, this is higher than the US’s current highest national average tax rate of 42.9%, and the US is at an intermediate level compared with other OECD countries.
Biden’s proposed new tax rate will make the highest tax rate in the United States even higher than Japan’s notorious average highest income tax rate of 55.9%.
Don’t think that living in a low-tax red state can save you. Texas does not levy state taxes, and the tax rate will still reach 51.4%.
The wealthy will be punished the most severely because their families will face a surcharge of 5% of adjusted gross income of more than US$10 million.
“As policymakers explore options for increasing income, they should remember how the United States compares to other countries and what the economic impact might be,” the tax foundation’s analysis said.
“Raising the highest marginal tax rate on ordinary income to the highest level in the OECD will damage the competitiveness of the United States. It will also reduce the incentives for work, saving, investment and innovation, and will have a wide-ranging impact on the U.S. economy.”
As far as the current situation is concerned, the US economy is in the toilet. Biden did not fish it out, but put his hand on the flusher.
This is another decision of the Biden administration and the Democratic Party. It is completely meaningless unless you think that the United States is currently run by activists rather than elected officials who know what they are doing.
As hyperinflation pushes up costs, this repressive tax increase will only make Americans’ household incomes soar by leaps and bounds. If the Democrats think this will be welcomed by the public and they have already chanted Biden’s indecent in the crowds, then they are delusional.
It is this illusion that will cause them to lose more seats in the upcoming midterm elections, which is already terrifying for the party that claims to be workers’ friends.
