WEST PALM BEACH, FL – Candidate Joe Biden spent the entirety of the 2020 presidential campaign promising voters that he would not embrace the radical left’s ideas on everything from tax and spend policies to climate change. However, as most of us expected, President Joe Biden has no intention of keeping those promises to the American people.
A recent article from Accounting Today revealed that Biden’s soon to be announced adjustments to the US Tax Code appear to be everything the radical left has wanted for decades… and more.
- Biggest overall tax hike since the Clinton administration? Check.
- Senseless audits of wealth creators in America? Check.
- Devaluing our currency through atrocious spending that would make Mike Tyson blush? Check!
Another major target for the Biden administration? Increased fees levied on family estates and a literal “wealth tax” that targets asset holdings.
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Personal income tax increases to nearly 40% for Americans earning $400,000 or more are also said to be on the way, though experts and observers say that President Biden could shoot for as high as 50% tax on Americans earning $400,000 or more.
These are typical progressive stances when it comes to attacking wealth creators and strangling the American economy through tax increases that amount to a punishment against business owners and individuals who dare to create and innovate for the American people.
President Trump spent four years unleashing the American economy through a series of tax reductions and rewards for American companies that brought jobs back to the United States. With Joe Biden making it a priority to attack these very same companies with European style tax increases, who could blame them if they again wanted to take their business elsewhere as they did during the Obama administration?
Ford has already announced they intend to move production back to Mexico and they will be the first of many if President Biden bends to the will of the radical left and economists who believe that trillion-dollar spending packages and tax hikes are the only way to stimulate the economy.
Simply put, this is not the time for you to be asleep at the wheel as a taxpayer or wealth creator. Now, more than ever, you need to work with your accountant and financial advisor to protect your wealth and maximize your returns in what could be a very difficult four years.