(RepublicanInformer.com)- Joe Biden may say that only the very rich will face tax increases under his Administration.
He may even whisper it:
President Biden whispers into microphone: "I think it's time to give ordinary people a tax break. The wealthy are doing fine. No, I mean it." pic.twitter.com/dNIML2SFM8
— Breaking911 (@Breaking911) June 29, 2021
But the truth is, Joe Biden’s American Families Plan will hit “working folks” right in the wallet.
During a roundtable discussion on Tuesday, House Ways and Means Committee Republicans slammed President Biden’s proposed death tax as a terrible deal for Americans.
Calling the provision in Biden’s American Families Plan a “supercharged death tax,” Republicans said this new tax would be especially harmful to American farmers and will destroy jobs throughout the country.
Ranking member Kevin Brady (R-TX) said on local farms and businesses, Biden’s death tax would kill a million American jobs over the next twelve years. Brady said the death tax would have the ripple effect of cutting paychecks for workers and shrinking the US economy by a hundred billion dollars over the next decade.
Biden’s proposed death tax in the American Families Plan would force farmers to pay capital gains of 40% on land inherited – even if that land has been in their family for several generations. What’s more this 40% capital gains tax is over and above the current 40% tax on the remaining estate.
Nebraska Republican Adrian Smith added that this Democrat death tax would have a negative impact on virtually every family-owned business in America. Rather than prioritizing economic growth, Smith said the Democrats are doubling the capital gains rate “in the name of so-called fairness.”
In his testimony before the committee, Pat McDowell, a cattle rancher from Texas told Ways and Means Committee members that President Biden’s proposal “totally undermines our estate plan.” McDowell said that the proposed tax would punish his family for no other reason than they wish to pass down the ranch to the next generation.
Congressman Brady also accused the Biden administration of pulling a bait-and-switch on the American people, saying Biden never cared about building roads and bridges, only raising taxes on American families.
According to the Tax Foundation Organization, Biden’s plan could hit Americans with an effective marginal tax rate of 61 percent.
Biden can whisper all he wants, but he’s still lying to the American people.