{"id":2230420,"date":"2024-04-25T18:35:01","date_gmt":"2024-04-25T22:35:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-calls-for-record-high-taxes-were-closing-in-on-a-50-rate\/"},"modified":"2024-04-25T18:42:36","modified_gmt":"2024-04-25T22:42:36","slug":"biden-calls-for-record-high-taxes-were-closing-in-on-a-50-rate","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-calls-for-record-high-taxes-were-closing-in-on-a-50-rate\/","title":{"rendered":"Biden urges highest-ever taxes, nearing 50% rate"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-calls-for-record-high-taxes-were-closing-in-on-a-50-rate%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2230420&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article discusses Biden&#8217;s proposal for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-massive-7-3t-budget-with-5-5t-in-tax-hikes-highest-taxes-in-u-s-history\/\" title=\"Biden reveals .3T budget, includes .5T in tax hikes, record-high taxes in U.S\">record-high taxes<\/a>\u2062 nearing a 50% rate and the \u2063ensuing debate. It <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tim-scott-america-is-not-a-country-in-decline-its-our-national-vital-interest-to-fund-ukraine\/\" title=\"Tim Scott: America's strength lies in supporting Ukraine.\">highlights contrasting views<\/a> on \u2064the tax increase&#8217;s impact, with some criticizing its burden on ordinary families and others justifying\u2063 it \u2062as\u200d fair for high earners. The piece delves into historical taxation \u200bcontexts and the government&#8217;s \u2062role\u2064 in wealth distribution. The article explores Biden&#8217;s\u200d plan for unprecedented \u2062tax hikes approaching a 50% rate\u2064 and the ensuing debate. It \u2062showcases differing opinions\u200b on \u200dthe tax\u200d hike&#8217;s\u2063 effects, with critiques on its impact on regular households countered by arguments for\u200b equity among high-income individuals. Additionally, the piece delves into past tax \u2064scenarios and the government&#8217;s influence on wealth \u200dredistribution.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>  <\/p>\n<h2>Biden Calls for Record-High Taxes &#8230; We&#8217;re Closing in on a 50% Rate<\/h2>\n<p> <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/michael-schwarz\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/michael-schwarz\/%20\"><span>Michael Schwarz<\/span><\/a> <\/span> <span>   April 25, 2024 at 12:30pm <\/span> <\/span>  <\/header>\n<section>\n<p>It seems a long time since we have had an old-fashioned tax debate, and no wonder.<\/p>\n<p>After all, with the establishment-dominated and deep-state controlled federal government fleecing posterity to pay for endless foreign wars, mandating experimental medical treatments approved for emergency use, censoring citizens\u2019 speech online and arresting political opponents, we have had bigger fish to fry.<\/p>\n<p>Thanks to President Joe Biden\u2019s proposed fiscal year 2025 <a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2024\/03\/budget_fy2025.pdf\" target=\"_blank\" rel=\"noopener\">budget<\/a>, however, the prospect of a record-high top capital gains and qualified dividends tax rate of 44.6 percent has spawned a classic clash between a conservative- or libertarian-minded opponent who decries the proposed increase on one hand, and an academic liberal spouting nonsense about billionaires paying their fair share on the other.<\/p>\n<p>Americans who grew up in the 1980s have good reason to pity those who did not. Now, it seems that <a href=\"https:\/\/www.westernjournal.com\/numbers-made-upsomeones-cooking-books-reaction-bidens-economic-numbers\/\" target=\"_blank\" rel=\"noopener\">Biden\u2019s<\/a> budget has taken us back to that glorious decade.<\/p>\n<p>On the conservative-libertarian side, <a href=\"https:\/\/www.atr.org\/biden-calls-for-44-6-capital-gains-tax-rate-highest-capital-gains-tax-since-its-creation-in-1922\/\" target=\"_blank\" rel=\"noopener\">John Kartch<\/a> of Americans for Tax Reform blasted the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-massive-infrastructure-plan-calls-it-once-in-a-generation-investment\/\" title=\"Biden Unveils Massive Infrastructure Plan, Calls It \u2018Once-In-A-Generation Investment\u2019\">proposed tax increase<\/a>.<\/p>\n<p>Among other things, the proposal would swell the top rate to its highest level since the capital gains tax\u2019s introduction in 1922.<\/p>\n<p>Furthermore, it would compound tax burdens imposed by state governments.<\/p>\n<p>\u201cUnder the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states,\u201d Kartch wrote.<\/p>\n<p>Worse yet, the tax increase threatens to confiscate wealth generated by ordinary families in the course of a lifetime.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Are taxes being levied and used responsibly by American leaders?<\/p>\n<\/p><\/div>\n<p>\u201cMany hard working couples who started a small business at age 25 who now wish to sell the business at age 65 will face the Biden proposed 44.6% top rate, plus state capital gains taxes,\u201d Kartch added. \u201cAnd much of that \u2018gain\u2019 isn\u2019t real due to inflation. But they\u2019ll owe tax on it.\u201d<\/p>\n<p>On the other side, Forbes contributor <a href=\"https:\/\/www.forbes.com\/newsletters\/andrewleahey\/2024\/04\/24\/biden-capital-gains-rate-proposal-446\/?sh=7a9c6a1ff64a\" target=\"_blank\" rel=\"noopener\">Andrew Leahey<\/a> \u2014 an attorney who <a href=\"https:\/\/www.forbes.com\/sites\/andrewleahey\/?sh=57a42c1e49f2\" target=\"_blank\" rel=\"noopener\">teaches<\/a> at Drexel Kline School of Law \u2014 channeled his inner 1980s liberal by describing the proposed <a href=\"https:\/\/www.westernjournal.com\/chicago-woman-maga-hat-unleashes-mayor-immigrant-spending-plan-use-tax-money-people\/\" target=\"_blank\" rel=\"noopener\">tax<\/a> increase as no big deal for most Americans.<\/p>\n<p>The 44.6% rate, Leahey wrote, would \u201conly apply to those individuals with taxable income above $1 million and investment income above $400,000.\u201d<\/p>\n<p>In other words, ordinary Americans should not care, because <a href=\"https:\/\/www.westernjournal.com\/left-wrong-century-data-shows-net-result-taxing-rich\/\" target=\"_blank\" rel=\"noopener\">rich<\/a> people \u2014 you guessed it \u2014 need to pay their fair share.<\/p>\n<p>\u201cThe policy proposal is much more incremental than revolutionary \u2014 aimed, albeit in a small way, at ensuring high earners contribute a fairer portion relative to their massive financial undertakings,\u201d Leahey wrote.<\/p>\n<p>Furthermore, \u201cAmerican billionaires\u201d already pay a low income-tax rate, \u201cwhich might cast them as somewhat less deserving of victim status in the eyes of the average taxpayer.\u201d<\/p>\n<p>Note the slippery manner in which Leahey shifted focus from \u201cindividuals with taxable income above $1 million and investment income above $400,000\u201d to \u201cAmerican billionaires\u201d unworthy of sympathy.<\/p>\n<p>The point, of course, is not whether <a href=\"https:\/\/www.westernjournal.com\/gop-rep-sounds-alarm-soros-seeks-circumvent-fcc-rules-seize-control-local-radio-nationwide\/\" target=\"_blank\" rel=\"noopener\">billionaires<\/a> deserve pity, but what kind of government we tolerate.<\/p>\n<p>According to <a href=\"https:\/\/www.usnews.com\/news\/healthiest-communities\/slideshows\/richest-counties-in-america?slide=15\" target=\"_blank\" rel=\"noopener\">U.S. News &#038; World Report<\/a>, suburbs of Washington, D.C., accounted for five of the 10 richest U.S. counties by <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-shows-growing-democratic-opposition-to-cheap-labor-migration\/\" title=\"Poll Shows Growing Democratic Opposition to Cheap Labor Migration\">median household income<\/a> in 2023. These included Howard County, Maryland, and Arlington, Fairfax, Falls Church and Loudoun counties in Virginia.<\/p>\n<p>That can only happen when a government confiscates wealth at a criminal level.<\/p>\n<p>And what have Americans received in exchange for that gargantuan wealth transfer? Well, for one thing, stealing Americans\u2019 money has empowered elected representatives to <a href=\"https:\/\/www.westernjournal.com\/house-passes-61-billion-foreign-aid-package-ukraine-speaker-johnson-forces-bill-floor\/\" target=\"_blank\" rel=\"noopener\">wave Ukraine flags<\/a> on the floor of Congress.<\/p>\n<p>Speaking of representatives, American schoolchildren often learn that their 18th-century ancestors objected to \u201ctaxation without representation.\u201d<\/p>\n<p>At best, that amounts to a sanitized version of the truth. It suggests \u2014 I believe deliberately \u2014 that citizens should not object to taxation as long as their elected representatives impose it.<\/p>\n<p>But the great men of the Founding Era did not fight for representation alone. They fought a tyrannical government that used taxes to destroy liberty.<\/p>\n<p>John Adams, for instance, did not oppose the 1765 Stamp Act because its authors did not properly represent him. Instead, he denounced the tax scheme itself in <a href=\"https:\/\/www.westernjournal.com\/heroes-american-history-conspiracy-theorists\/\" target=\"_blank\" rel=\"noopener\">conspiratorial<\/a> language.<\/p>\n<p>\u201cThere seems to be a direct and formal design on foot, to enslave all America,\u201d Adams <a href=\"https:\/\/founders.archives.gov\/documents\/Adams\/06-01-02-0052-0007\" target=\"_blank\" rel=\"noopener\">wrote<\/a> in October 1765.<\/p>\n<p>Nine years and many taxes later, <a href=\"https:\/\/www.westernjournal.com\/trump-ramaswamy-echoing-thomas-jeffersons-pro-america-anti-establishment-wisdom\/\" target=\"_blank\" rel=\"noopener\">Thomas Jefferson<\/a> spotted the same conspiratorial pattern.<\/p>\n<p>\u201cSingle acts of tyranny may be ascribed to the accidental opinion of a day; but a series of oppressions, begun at a distinguished period, and pursued unalterably through every change of ministers, too plainly prove a deliberate and systematical plan of reducing us to slavery,\u201d Jefferson <a href=\"https:\/\/avalon.law.yale.edu\/18th_century\/jeffsumm.asp\" target=\"_blank\" rel=\"noopener\">wrote<\/a> in 1774.<\/p>\n<p>Americans in the 21st century could use such manly opposition to restrain their own tyrannical government.<\/p>\n<hr>\n<div>\n<p><b><i>An Important Message from Our Staff:<\/i><\/b><\/p>\n<p><i><span>We who work here at The Western Journal have fought for years against Big Tech and the elites who want to shut us down and then shut America down. <\/span><\/i><\/p>\n<p><i><span>Make no mistake \u2014 nothing will be the same after November 2024. Will you help us fight? Will you <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>help us expose the America-hating elites<\/span><\/i><\/a><i><span>  who will do everything they can to steal this election? <\/span><\/i><\/p>\n<p><i><span>We\u2019re a small group of people fighting to save the country for our readers and for our own family and friends. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Can we count on your help?<\/span><\/i><\/a><\/p>\n<p><i><span>At this point, Big Tech has cut off our access to 90% of advertisers. Imagine if someone took 90% of your paycheck and there was nothing you could do. They\u2019re trying to starve us out.<\/span><\/i><\/p>\n<p><i><span>Donations from readers like you have literally helped keep our lights on, and <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>we need you<\/span><\/i><\/a><i><span>  now more than ever. <\/span><\/i><\/p>\n<p><i><span>We operate on a shoestring budget, but with that budget, we terrify the globalists. Please help us continue the fight. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Stand with us<\/span><\/i><\/a><i><span>, and we will never surrender.<\/span><\/i><\/p>\n<p><i><span>Thank you for reading The Western Journal and for believing in America. <\/span><\/i><\/p>\n<p><i><span>It is a pleasure to serve you.<\/span><\/i><\/p>\n<p><i><span>P.S. Please don\u2019t let the America-hating left win. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Stand with us today<\/span><\/i><\/a><i><span>!<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"after-article-tags\">\n<p>  Tags:<\/p>\n<div>\n<p><a href=\"https:\/\/www.westernjournal.com\/tag\/conservatives\/\" rel=\"tag\">Conservatives<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/founding-fathers\/\" rel=\"tag\">Founding Fathers<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/inflation\/\" rel=\"tag\">Inflation<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/joe-biden\/\" rel=\"tag\">Joe Biden<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/john-adams\/\" rel=\"tag\">John Adams<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/law\/\" rel=\"tag\">Law<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/liberals\/\" rel=\"tag\">Liberals<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/libertarian\/\" rel=\"tag\">Libertarian<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/slavery\/\" rel=\"tag\">Slavery<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/taxes\/\" rel=\"tag\">Taxes<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/thomas-jefferson\/\" rel=\"tag\">Thomas Jefferson<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/us-news\/\" rel=\"tag\">U.S. News<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/ukraine\/\" rel=\"tag\">Ukraine<\/a>, <a href=\"https:\/\/www.westernjournal.com\/tag\/washington-d-c\/\" rel=\"tag\">Washington D.C.<\/a><\/p>\n<\/div><\/div>\n<div id=\"author-info-45760\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/michael-schwarz\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-45760\">Summary<\/label><label for=\"more-info-tab-radio-45760\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-45760\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-45760\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Michael Schwarz holds a Ph.D. in History and has taught at multiple colleges and universities. He has published one book and numerous essays on Thomas Jefferson, James Madison, and the Early U.S. Republic. He loves dogs, baseball, and freedom. After meandering spiritually through most of early adulthood, he has rediscovered his faith in midlife and is eager to continue learning about it from the great Christian thinkers.<\/p>\n<\/p><\/div>\n<div>\n<p>  Michael Schwarz holds a Ph.D. in History and has taught at multiple colleges and universities. He has published one book and numerous essays on Thomas Jefferson, James Madison, and the Early U.S. Republic. He loves dogs, baseball, and freedom. After meandering spiritually through most of early adulthood, he has rediscovered his faith in midlife and is eager to continue learning about it from the great Christian thinkers. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent commentary by Michael Schwarz on April 25, 2024, Biden&#8217;s push for record-high taxes, nearing a 50% rate, sparks a return to traditional tax debates. With debates scarce due to the dominant establishment and deep-state control over federal finances, the burden on future generations to fund foreign endeavors becomes increasingly evident<\/p>\n","protected":false},"author":2056,"featured_media":2230421,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/04\/Joe-Biden-tax-rate.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2230420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/04\/Joe-Biden-tax-rate.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2230420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2056"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2230420"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2230420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2230421"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2230420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2230420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2230420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}