Biden & Taxes

 FIRST OF ALL...

All Americans, except for illegal immigrants, are going to be paying more in taxes this year because Biden removed all of Trump's tax cuts...

The proposed taxes for Americans making $400,000 were not based upon individuals but upon families...  so, more taxes in that bracket will be paid as well...

Biden will be increasing the following taxes:

1. gasoline tax
2. sales tax
3. capital gains tax

The first two will be felt by all Americans who drive gas burning vehicles or who buy goods and services in America...

Capital Gains Taxes will be paid by all Americans who sell their investments at a profit (the Feds don't give a shit about loses) and/or all Americans who sell their homes for a profit (again...  the Feds don't give a shit about loses)...

RIGHT THERE...  BIDEN LIED THREE (3) TIMES TO THE AMERICAN PUBLIC...

Unintended Consequences:

If the wealthy are not smart enough to hide their monies in tax free off-shore bank accounts, then they deserve to pay more in taxes; however, I think they are smart enough which means as soon as Biden realizes he is not taking in the taxes he NEEDS to pay his increased expenses, he will have no choice but to lower the tax brackets in which increased taxes are being assessed...  this means, a majority of ALL AMERICANS will eventually be paying higher taxes.

WAKE UP AMERICA...

No Increase in Taxes

When President Biden was campaigning for office, he reassured the American People that there would be no new taxes for families earning under $400,000 then he changed it to under $200,000 and it is yet to be seen if he keeps his word...  but, let's assume that the does keep his word.

What he did not tell the American People was the fact that he was planning to increase taxes in the following areas:

• Capital Gain tax
• Corporate tax
• Gasoline tax
• Sales tax

Capital Gains is a tax on assets that you sell after owning that asset for a few years, like one HOME or STOCKS or RENTAL PROPERTY...

Corporate tax increases means that companies will have to pay more taxes and will probably do one of two things or both to compensate:

• increase prices
• layoff workers

A gasoline tax would mean that you will not just pay more money per gallon of gasoline but you will pay higher prices for any goods that is transported where gasoline must be purchased.  This includes but is not limited to:

• food and other groceries
• clothes and accessories
• building materials
• Amazon purchases

Sales tax is obvious in that the consumer will pay more for anything and everything that is purchased with cash, credit card, foreign currency, or crypto currency.

BUT...

your income tax that you must file every April 15th if you earn less than so much income will not increase...  it's just everything else will increase...  putting you in a worse financial situation that you were in before.

If you don't believe me...  then, just wait and see for yourself...