Joe Biden’s “Build Back Better” proposal is proving to be a flop in terms of branding and implementation since it appears that his plan will boost income taxes to the highest levels in the industrialized world. It appears to be a sensible strategy for the Democrats, who face massive election losses and widespread disfavor.
According to a Tax Foundation analysis, Joe Biden’s $1.75 trillion proposals would raise the average top personal income tax rate in the United States to 57.4 percent, the highest in the 38-member Organization for Economic Cooperation and Development (OECD). It is an increase from the existing 42.9%, which places it in the center of the OECD countries. According to Biden’s plan, the new rate would raise top tax rates in the United States even higher than Japan’s historically high 55.9% average top income tax.
Moreover, under a Republican-controlled Congress, the top marginal tax rate on ordinary income in the United States would jump from 39.5% to 50.8%. A 5% levy on modified adjusted gross income over $10 million would affect the wealthiest the hardest. Although Texas has no state tax, tax rates will nonetheless reach 51.4%.
Instead of dragging the American economy out of the toilet, President Joe Biden puts his hand on the flusher. It is just another choice by the Biden administration and Democrats that makes little sense unless you accept the notion that the US is being ruled by activists rather than elected politicians.
This punitive tax rise would slash Americans’ family income by leaps and bounds, with expenses rising due to hyperinflation. Democrats are insane if they believe this would go down well with a populace already yelling obscenities about Biden. And it’s because of this misconception and they’ll lose even more seats in the 2018 midterm elections.