Biden is blasted for breaking election promise NOT to raise taxes on small businesses

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US President Joe Biden speaks about the situation in Afghanistan from the East Room of the White House in Washington, DC, July 8, 2021. - US President Joe Biden expressed confidence on July 8, 2021 in the Afghan military and said that a Taliban takeover of the country is not inevitable. "I do not trust the Taliban," Biden told reporters at the White House, "but I trust the capacity of the Afghan military." (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)

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