Biden Claims Tax Hike Plan Is Tax CUT Plan, Wants Your Bank Info

P. Gardner Goldsmith | September 17, 2021
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In a snide, efficiently-deceptive, half-hour speech, President Biden Thursday, September 16, reaffirmed his budget plan and added more. It’s a nearly $6 TRILLION spending, taxation scheme that is as noteworthy for its towering attack on rights as Biden’s presentation was for its factual faults and esoteric, Klaus Schwabian, rhetoric.

Standing before “journalists” at the White House, Biden embarked on a blistering screed that promised everything from more federal welfare handouts for daycare, to government subsidizing the dental, audiological, and optical health choices of Medicare recipients.

You remember when they included all that – and Medicare itself – in the US Constitution, back in 1787, right?

The deft Biden move comes as the House and Senate battle over just how much more they want to breach the Constitution and hand out pork in their two versions of the potentially $3-plus-trillion “Infrastructure” bill, even as they consider Biden’s $6 trillion budget/tax plan cloaked in the label “Build Back Better.”

That’d be the title coined by collectivist World Economic Forum head Klaus Schwab, the predatory figure behind the technocratic, world-government-pushing “Great Reset,” whose feel-good word choice has been parroted by Hillary Clinton, Bill Clinton, Andrew Cuomo, Nancy Pelosi, Tony Blair, Boris Johnson, Elizabeth Warren, Barack Obama, Bill Gates,  Canadian Prime Minister Justin Trudeau, Kamala Harris, City of London Mayor Sadiq Khan, NZ Prime Minister Jacinda Ardern, UK Prince Harry, and Biden, himself, during his 2020 Presidential campaign.

Draw no inferences from that.

In one of the most insulting portions of Biden’s speech, he derided American entrepreneurs, claiming – as collectivists so often do – that the so-called “wealthy” (enjoy defining that, since valuation and wealth are subjective and constantly fluctuating, even in our personal assessments of our own lives), yeah, he said the “wealthy” don’t pay their “fair share.”

Biden’s answer to his fictitious problem is tri-partite. First, he wants to increase the tax on corporations, something that Donald Trump worked to decrease – from 35 Percent, to 21 percent -- allowing American-based companies to become more internationally competitive, incentivizing them to stay in the US, and to increase demand for US-based labor.

Of this, Lawrence Kudlow notes for FoxNews:

Do you think that working folks want the U.S. to have the highest corporate tax among developed countries? We would be number 1, except for Columbia and Portugal. China will be substantially lower.  

Is that what we want? China? — With a capital gains tax that will be over 40% effectively. Again, much higher than China.

In other words, the US, once more, would take the “third-worst” slot that it occupied prior to Trump’s successful cut.

Second. Biden will embrace the House Democrats’ plan to increase income taxes on those he and other tax-thieves obtusely call “the wealthy” – closing so-called “loopholes” and increasing the tax burden on couples earning $450K per year or more. He would hike taxes on individuals, and on capital gains, as well.

Ben Scheffer, of International Business Times, sums it up:

In order to pay for the ambitious package, Biden plans to raise taxes on anyone making over $400,000 a year from 37% to 39.6%, raise the corporate tax rate from 21% to 26.5%, and the capital gains tax would increase from 20% to 25%. The proposed changes would raise $2 trillion in the span of a decade, according to the joint committee on taxation

Of course, it’s unlikely to “raise” (i.e. steal) $2 trillion, because people don’t like being robbed, so they take steps to shield their income, or they move their businesses to other nations. God forbid anyone earning more than what collectivists say is “a lot” actually keep those earnings and invest them in new businesses, or spend the earnings on things the politicians don’t like.

Third, just to clamp down on people trying to escape the theft, Biden actually had the audacity to say that all he’s asking is to have total, twenty-four-hour-a-day access to your bank account status, including deposits and withdrawals.

At about thirteen minutes into his shopping list of handouts and threats, the ever-cozy, “this isn’t a threat” Biden said his IRS would “ask, just, for two pieces of information from the banks of these folks: the amounts that come into their bank accounts, and what amounts go out of their bank accounts.”

How nice…

Total surveillance.

There’s a thing called the Fourth Amendment that’s supposed to stop that -- a thing which requires a publicly visible warrant from a judge, issued upon that judge’s determination of probable cause, and citing the person to be searched and that which is sought.

But, why bother citing the US Constitution? It’s not as if Biden and all other US office-holders, bureaucrats, soldiers, and cops don’t swear an oath to abide by it. Heck, since 1970, the US government has ordered private banks to “report” deposits or withdrawals over $10K. That was the year the feds passed the infamous “Currency and Foreign Transactions Reporting Act”, a Mount Olympus-sized middle-finger to the Fourth Amendment that has been expanded thanks to the vile October, 2001 “Patriot Act” to make it even more threatening and onerous, such that, even if the account holder doesn’t withdraw or deposit ten-grand at once, if multiple transactions amount to that much over the course of a day, the account must be flagged by the bank, frozen for at least 24 hours, and reported to the feds.

Now, Biden wants the IRS to have constant, eternal awareness of any transaction – in or out of your personal bank account – over $600. The Biden plan is tied to a bill proposed by leftist Senator Liz Warren (D-MA), called SB 1788 – something which likely won’t get a lot of attention until after they push it to passage.

But, as Joe said, it’s “just” “information.” Just a trifle. A soft breeze… Heck, it’s as comfy-cozy as an old, corrupt politician leaning over and sniffing your hair. Surely, the Founders would be proud.

Likewise, they’d love his verbal deceit in claiming he’s “cutting” taxes for “the middle class.”

At about fifteen minutes into his sweet-tart speech, Biden claimed he was “cutting taxes for over 50 million families” in the middle class.

Which is utterly bogus. What Biden plans is to extend the “Childless Credit” in the so-called Earned Income Tax Credit (EITC) that was thrown into the kitchen sink of disasters called the “American Rescue Plan” passed by Congress in March.

The EITC itself has been used as a wealth-redistribution scheme for years, offering “refunds in Social Security and Medicare taxes” to people who don’t earn enough to pay income tax, while still promising to pay them that Social Security and Medicare cash when they grow old. It was expanded under Obama, covering people who didn’t even have kids, allowing him to claim he was offering a “middle class tax cut” when he wasn’t, and now, Biden is pulling a similar stunt.

As Reason’s Eric Boehm reports, people should not be hoodwinked:

(W)hile the bill does not raise income taxes on anyone earning less than $200,000 annually in the immediate future, Americans earning as little as $30,000 could face a tax hike by 2027 under Biden's plan, according to an analysis published Tuesday by the Joint Committee on Taxation (JCT), a nonpartisan number-crunching agency housed inside Congress.

The feds will have to pay for all the EITC subsidies, and the incoming meteor shower of taxes will hit even people earning $30K per year.

Adds Boehm:

By then, the changes House Democrats are now proposing would result in higher taxes for nearly all taxpayers—even those making as little as $30,000 per year. Middle-class Americans earning between $50,000 and $100,000 would owe, on average, several hundred dollars in additional taxes, according to the National Taxpayers Union Foundation's breakdown of the JCT's analysis.

There’s a lot to choke on in just the taxation facet of Biden’s proposal. In fact, there’s even more poison to explore when one looks at his fictitious claims about “extreme weather” and climate.

But let’s stop here, and spread the word.

Not only is Biden proposing even more tax-theft and a more pervasive IRS attack on our rights. He’s using the rhetoric of a street hustler to do it.


Related: These Aren't The Obama Scandals You're Looking for, Move Along, Move Along | MRCTV