There is no doubt that Joe Biden is the most radically Left president we’ve ever had.
He’s doing everything he can to ram his socialist agenda down Americans’ throats.
And this enormous tax hike Biden has planned will leave you fuming.
Joe Biden has spent the beginning of his Presidency opening the floodgates at the border, bowing down to Chinese threats, and trying as hard as possible to spend more money than we ever have.
Just recently, he introduced a $6 trillion budget that would increase federal spending to levels not seen since World War II.
It’s no surprise that to pay for all of his “progressive” schemes, he is going to skyrocket taxes on the American people.
Under his plan, the top personal income tax will rise from 37% to 43.4% and the corporate tax rate will increase from 21% to 28%.
One of the largest increases will be in the form of capital gains where the tax rate would almost double from 23.8% to a whopping 43.4% for high earners.
All of these taxes would still strap the nation with a deficit over $1 trillion.
But the worst increase comes from H.R. 3, as the Washington Examiner reports:
H.R. 3, the crown jewel of healthcare legislation coming out of Pelosi’s slim majority. The bill imposes government price controls on 250 of the most common prescription medicines, including insulin. In order to make sure that the price control is adopted, the government gives an “option” for the drug to be subject instead to a brand new 95% drug tax. Since people ultimately pay taxes, the 95% Pelosi Drug Tax will fall directly on consumers of prescription medicines, notably seniors
Considering Joe Biden has no qualms with devastating the pocket books of America’s citizens, there is no doubt that he will sign H.R. 3 into law if it is passed.
Unfortunately for him and his radical cronies, the filibuster is still alive and well (for now), so H.R. 3 will have an uphill battle.
Only time will tell if RINOs like Mitt Romney and Lisa Murkowski can help sway the vote in Biden’s favor.
Stay tuned to Right News Wire for any updates to this ongoing story.