President Joe Biden’s tax plan is coming after everyone. No wonder he keeps saying that the $3.5 trillion spending spree will cost nothing. Taxes are about to skyrocket, and Biden is trying to give the IRS the ability to see every transaction over $600.
Now that more information is being distributed, it seems that Biden’s administration wants to make sure that Americans don’t have enough money to pay for their homes. With Black Rock, a federally funded investment company is buying affordable homes and outbidding average Americans. Coupled with Covid-19 vaccine mandates and soon-to-be booster mandates in the future, Americans are losing their jobs because they choose not to get a Covid-19 vaccine. Note that all Covid-19 vaccines are still under the Emergency Use Authorization outlined in 21 U.S. Code 360bbb-3. Lawsuits are being filed against companies and the federal government for their Covid-19 vaccine mandates, and until they have their day in court, we’ll have to wait.
The idea that Americans should be taxed for more positive equity without ever selling their home, car, or other items is ridiculous. Fluctuation of the market isn’t the consumer’s fault, and if they don’t sell, they should have to pay any taxes outside of property taxes.
Senator John Kennedy (R-LA) went on Tucker Carlson to talk about Biden’s tax plan saying, “for the first time in the history of, of ever, President Biden and Secretary Yellen want to tax unrealized gains on inherited property.” Kennedy explained that if a widow bought a home for $150,000 and left it with her kids when she died after 50 years of ownership, and the house was worth $1.75 million, her kids wouldn’t have to pay taxes under the current law. Kennedy also said that under Biden and Janet Yellen’s law, the kids would automatically be taxed on the home’s total value whether they sold it or not.
Kennedy said, “This is what happens when you have a President and Treasury Secretary who are on a mission from God to please pink-haired workers who carry around ziplock bags of kale.”
The modern-day Democrat doesn’t consider things like this when voting for president, and it’s obvious. When Biden spoke about the rich paying their fair share, he should have said that average Americans would also pay the rich’s fair share.
Taxes shouldn’t negatively affect any American regardless of income. The founding fathers would have never taxed inherited property. It’s interesting, though, that Americans look at their tax refund and usually get money back but live paycheck to paycheck throughout the entire year. There’s got to be something that the federal government can do to make it easier for everyone to live life and pay taxes.
If you look back at Senator Ted Cruz’s tax plan, it was three pages and percentage-based. It simplified the tax process by using a form the size of a notecard to complete simple taxes. Is that so hard to understand? A simple, percentage-based tax plan wouldn’t only be simple but would allow Americans to know what they are supposed to pay before paying their taxes.