{"id":747247,"date":"2021-09-13T09:50:52","date_gmt":"2021-09-13T13:50:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=747247"},"modified":"2021-09-13T09:50:56","modified_gmt":"2021-09-13T13:50:56","slug":"dems-want-to-hit-americans-with-2-9-trillion-more-in-taxes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dems-want-to-hit-americans-with-2-9-trillion-more-in-taxes\/","title":{"rendered":"Dems Want To Hit Americans With $2.9 Trillion More In Taxes"},"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\">22<\/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%2Fdems-want-to-hit-americans-with-2-9-trillion-more-in-taxes%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=747247&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--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1133019805.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>Democrats on the Ways and Means Committee have <a href=\"https:\/\/www.businessinsider.com\/house-democrats-unwind-trump-era-tax-cuts-spending-plan-2021-9?r=US&amp;IR=T\">drafted a proposal<\/a> that would hit the American public with an additional $2.9 trillion over 10 years in tax revenue. Here are some of the increases sought by the massive proposal:<\/p>\n<p>Increase the top individual rate to 39.6%. This marginal rate applies to married individuals filing jointly with taxable income over $450,000, to heads of households with taxable income over $425,000, to unmarried individuals with taxable income over $400,000.<\/p>\n<p>Increase the top corporate tax rate to 26.5% . Increase the top capital gains rate 20% to 25%.<\/p>\n<p>Expand the net investment income tax to cover net income derived in the ordinary course of a trade or business for taxpayers with greater than $400,000 in taxable income (single filer) or $500,000 (joint filer).<\/p>\n<p>Increase the holding period for which a taxpayer must qualify for capital gains treatment from 3 to 5 years.<\/p>\n<p>Increase the rate of tax on tobacco products.<\/p>\n<p>Reduce the deduction on Foreign-Derived Intangible Income from 37.5% to 21.875%.<\/p>\n<p>Provide $80 billion over the next ten years for IRS funding for tax enforcement related to high income taxpayers.<\/p>\n<p>The Daily Wire <a href=\"https:\/\/dailywire.com\/news\/biden-dems-want-to-monitor-americans-bank-accounts-blasted-as-violating-4th-amendment\/\">reported<\/a> on Friday:<\/p>\n<blockquote readability=\"19.69512195122\">\n<p><em>President Biden and the Democrats\u2019 $3.5 trillion budget plan means to monitor gross inflows and outflows from Americans\u2019 bank accounts, prompting concern that the federal government would be willfully violating the 4th Amendment.<\/em><\/p>\n<p><em>\u201cThe proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion,\u201d the&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-9973671\/Bidens-plan-let-IRS-SNOOP-bank-accounts.html\">Daily Mail<\/a>&nbsp;noted, adding, \u201cThe IRS would know how much money is in an individual\u2019s bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.\u201d<\/em><\/p>\n<\/blockquote>\n<p>Patrick Hedger, vice president of policy at the Taxpayers\u2019 Protection Alliance, blasted the idea, saying, \u201cThe&nbsp;IRS is first and foremost, a law enforcement agency and the Fourth Amendment protects against unreasonable searches and seizures in pursuit of, of looking for wrongdoing and criminal actions, so I think this is going to run into severe Fourth Amendment headwinds.\u201d<\/p>\n<p>He added:<\/p>\n<blockquote readability=\"17\">\n<p><em>You\u2019re going to push more folks into small cash transactions, you\u2019re going to push more banking offshore \u2026 the big fish out there that do have sizable assets that are that are eligible for taxation offshore. This is the ultimate regressive tax. You\u2019re going to end up punishing the worst off among us \u2026 the lower income folks in this country have historically been the targets of aggressive IRS audits because they don\u2019t have the CPAs and the lawyers to be able to fight back. &nbsp;I don\u2019t see why they need to be going after people, you know, just the average, the average Joe and start stooping on, you know, a $600 payment. It doesn\u2019t make any sense, these, this is, I mean this is beyond trying to pick out low hanging fruit.<\/em><\/p>\n<\/blockquote>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/em><a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democrats on the Ways and Means Committee have drafted a proposal that would hit the American public with an additional $2.9 trillion over 10 years in tax revenue. Here are &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-747247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/747247","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=747247"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/747247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=747247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=747247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=747247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}