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

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