President Biden and Congressional Democrats are pushing a massive set of tax increases on the American people in their $3.5 trillion budget reconciliation plan. Ohioans for Tax Reform joined more than 120 other groups in signing a joint letter opposing the Democrats’ unhinged tax-and-spend spree. You can view the letter, spearheaded by Americans for Tax Reform, at the link here.
The proposed tax hikes include:
- Raising the corporate tax rate to 25 percent or 28 percent, a rate higher than Communist China
- Doubling the capital gains tax to 43.4 percent
- Raising the top rate to 39.6 percent
- Creating a second death tax by eliminating step-up-in basis
- 95 percent excise tax on pharmaceutical manufacturers if they fail to accept government set price controls
- Repealing the deduction for foreign-derived intangible income
- Raising taxes on carried interest capital gains
- Raising the tax rate on GILTI to a top rate of 26.25 percent and requiring it to be calculated on a country-by-country basis
- Imposing a 15 percent minimum tax on book income
- Retroactively capping the conservation easement deduction
- Repealing numerous oil and gas tax provisions including the
- deduction for intangible drilling costs (IDCs)
- A tax on American energy manufacturers based on their methane
- production
- A carbon border tax
- Capping Section 1031 like-kind exchanges
These taxes would crush Ohio families and businesses. Farms would be forced out of the hands of families, businesses would see massive tax increases – forcing higher costs on to consumers. Americans’ savings and retirement would be hammered by higher taxes. Energy costs would go up.
This nightmare budget plan threatens to set Americans, and Ohioans back at the worst possible time, as they fight to overcome a pandemic unleashed by China, while helping Chinese businesses be more competitive internationally than U.S. companies.
Image citation:
URL: https://commons.wikimedia.org/wiki/File:Joe_Biden_(48605381202).jpg
Date: 10 August, 2019, 10:49
Source: Joe Biden, Flickr
Author: Gage Skidmore, Peioria, AZ, USA