F. Joe Biden Is Destroying America

The illegitimate president has decided he will raise tax rates on “the rich” in his 2023 budget.

“The ‘Billionaire Minimum Income Tax’ plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million,” The Washington Post reported. “The White House plan would mandate billionaires to pay a tax rate of at least 20 percent on their full income, or the combination of traditional forms of wage income and whatever they may have made in unrealized gains, such as higher stock prices.”

The report said that billionaires would have to pay the difference between what they are paying now and the 20% rate, assuming they are paying under 20%. If they are paying more than 20%, then they would not owe anything additional under the new proposal.

One wonders if the Biden Crime Family will have to pay these taxes, because as of 2021, F. Joe Biden still owed $500,000 in Medicare taxes to the IRS.

“The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income,” a White House document says. “This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”

This is not even remotely true. This from The Heritage Foundation:

The latest government data show that in 2018, the top 1% of income earners—those who earned more than $540,000—earned 21% of all U.S. income while paying 40% of all federal income taxes. The top 10% earned 48% of the income and paid 71% of federal income taxes.

This dementia-addled jackass is preparing to raise the top income tax rate to 39%. You know what will happen when that occurs? It will ensure all “the rich” will flee the country and take their money with them. This plan is insane, and will lead us to a recession, or worse, a depression.