Fair is a subjective term. When someone’s feelings get hurt, notably Alexandria Ocasio-Cortez, someone always calls for equality, fairness, or the infamous “equity,” which isn’t even fair.
President Biden has tried to bring fairness into taxation. To tax people fairly, you should look at who’s a drain on society and who is productive. That would be fair but highly unrealistic. Biden seems to think that raising taxes on people who make over $400,000 a year is fair, while we have illegal immigrants who just crossed the border by the tens of thousands and still are. If you want to talk about a drain on society, many of these people will be. Not all of them, of course, but many wills. Most immigrants work harder than American citizens.
Biden said it’s not enough to “Build Back Better,” we have to build back better than before. At no point in American society have American citizens been better because of more taxes. Major companies have left the country because of higher taxes and regulations. Biden’s doing is adding more constituents to the Republican party, and those people have millions of dollars.
Joe Biden also claimed to be a capitalist. We know that Hunter Biden is a capitalist or an “artist,” but Biden pushes for socialist policies. Socialism hasn’t worked anywhere, and with Biden’s constant power grab, it won’t work here either. America was built on the rebellion of the government and has been that way ever since. Biden’s got another thing coming if he thinks that he’ll raise taxes and keep his supporters.
He keeps talking about the middle-class as if he belongs to that category. Biden is a millionaire, and so is his family. He hasn’t ever been part of the middle-class. He’s been in politics longer than a lot of people have been alive. Biden’s calling for millionaires and billionaires to pay their fair share without considering the positive impact on society. It can be argued that many of them are bad for the country, but most of them are relatively ordinary and work hard and bring jobs and economic growth to society.
According to the IRS, the top 1% pay much higher taxes than any other percentage and pay more than anyone below them combined.
Too many college students believe that the top earners should pay taxes at a 90% tax rate. That would mean that someone earning $1 million a year would get to keep $100,000, effectively putting them well below the 1% line and making their effort a waste of time. Why would they continue to progress? What incentive would they have to succeed? You would see that the price of every item on the shelf rises considerably to keep up with the high demand from the IRS.
If you follow the trend, Biden has added $80 billion to the IRS to handle audits and deal with “high-earners.” Nobody believes that, though, do they? $80 billion is a tremendous amount of cash to just get after 1% of people.
What’s expected is Biden will go after every class of people and drain them dry with every penny they can. More people started their own business in 2020 than in any other year because people had to. Businesses shut down, and many people couldn’t work, which led them to chase their dream. Biden should add large sections of the IRS to help business owners and stimulate the economy with tax cuts for small businesses.
The “Build Back Better” agenda sounds more like a “Tax More People” agenda. Biden’s policies are going to continue to fail. He’s got nothing to lose at this point, and his administration has a fall guy when things go haywire.