Remember when F Joe Biden hilariously claimed his multi-trillion dollar “Build Back Better” program would cost zero dollars? Yeah, that was about as legitimate as his presidency.
The Tax Foundation apparently crunched the numbers, and when this program is implemented, the United States would have the highest top income tax rates in the developed nations.
The right-leaning, nonpartisan Tax Foundation examined the updated details of the president’s “Build Back Better” tax proposals. It reviewed the new proposed tax surcharges on high earners, proposed redefinition of certain tax bases to include more people, and already-scheduled increases in income tax rates. Under this tax regime, the Tax Foundation warns that accounting for federal, state, and local taxes, the US would reach a 57.4 percent top income tax rate—meaning that above a certain level of income, nearly 60 cents out of each additional dollar earned must go to the IRS.
The good news is it’s not only the filthy rich who will be affected; it will also affect the middle class; hard workers who don’t make millions per year.
There would still be some state-level variation, but in all 50 states and Washington, DC the top personal income tax rate would exceed 50 percent. (Even in states like Florida with no state-level income tax!) The situation would be even more extreme in states like New York and California, where the top rate would hit 66.2 percent and 64.7 percent respectively.
If you click the link above, you can see the map of Biden’s new tax rates, and the top taxes in every state in the union are above 50%. For example, PA’s top tax rate will be 58.3, and Tennessee will be 51.4.
It doesn’t take a genius or an economist to see how this could hurt not just rich people, but the entire US economy.
My Deferred Compensation account was skyrocketing during the Trump years. An advisor I talked to said many of my stocks are very aggressive. When I asked what I should do depending upon the 2021 Election, he replied, “If the incumbent is reelected, hold. If the challenger wins, put the money in a stable fund.” At this point, I’m so worried about what this jackass will do that I’m considering of dropping all the stocks and putting it into the stable fund.
Cripes, at this point, I wonder if there will even be a Stock Exchange in four years.