Daily Mail:
- On the campaign trail Biden was asked if he would raise tax on small businesses
- On February 20, 2020 he said: ‘No. Taxes on small businesses won’t go up’
- Next week House Democrats will vote on the framework for the tax hikes
- Biden wants to raise the top marginal income tax rate to 39.6 pc, from 37pc
- Americans For Tax Reform calculate 1.9 million small businesses will be affected
- Furthermore, Biden plans to remove a ‘step up’ in basis on inherited property
- The rule means the person who inherits the property can sell it immediately without paying any capital gains tax – a loophole Biden wants to remove
The White House proposal – backed by the president himself – will begin winding its way through Congress next week.
“… And he who earns wages,
Earns wages to put into a bag with holes.” Haggai 6:1
Last week the Senate passed a $3.5 trillion budget resolution that would pave the way for legislation based on Biden’s plans, and the Democrat-majority House is expected to vote on the budget resolution next week, meaning it will almost certainly pass. Read More
