Policies

Biden Promises to Raise Taxes to Bush Administration Levels

We could see tax rates as high as 40% under a Biden presidency
Joe Biden Speaking Into Microphone

During an interview, President-elect Joe Biden said “there’s no reason why” his administration should not raise corporate and individual income taxes to levels we saw during former president George Bush’s administration.

Biden insisted “everybody pays their fair share” in taxes during his presidency. He suggested a nearly 40% rate for those in the top bracket, which he said was commonplace during the Bush era.

“And by that fair share, I mean there’s no reason why the top tax rate shouldn’t be 39.6 percent, which it was in the beginning of the Bush administration,” he said in the Times interview. “There’s no reason why 91 Fortune 500 companies should be paying zero in taxes.”

In the early 2000s, the nation’s highest tax bracket was 39.6%, which was for people earning more than $374,000 per year, according to Fox Business. Bush then lowered the rate to 35%. Then former President Barack Obama reset the benchmark at 39.6% following the 2008 financial crisis.

President Donald Trump cut the corporate tax rate to 21% and the individual tax rate to 37% in 2017, shortly after assuming office, according to Fox.

If Republicans retain control of the Senate after the Georgia runoff election, Biden’s ability to implement his tax reform may be hindered. However, the former vice president claims he would be able to pass his agenda even if Senate Majority Leader Mitch McConnell resists.

“Let me put it this way,” Biden said in the Times interview. “There are a number of things that when McConnell controlled the Senate that people said couldn’t get done, and I was able to get them done with [him]. I was able to get them to, you know, raise taxes on the wealthy.”

Throughout his campaign, Biden pledged to increase taxes for those “making over $400,000” a year.

“I will raise taxes for anybody making over $400,000,” Biden said. He continued, “Let me tell you why I’m going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share – corporations should pay a fair share.”

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12 Comments on this post.
  • Corruptionhater
    4 December 2020 at 9:20 pm
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    Hopefully, someone will put Joe in a bed with straps on it and needles operating on him!

    • Jeanne
      8 December 2020 at 12:33 am
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      Joe and Kamala make quite a dangerou pair !
      Bad enough to possibly create another Civil War.
      As horrible as that seems,our liberties and freedoms can not be lost and that is where we are now heading !

  • Virgen Santiago
    4 December 2020 at 11:22 pm
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    BIDEN ISNT FIT NOR EXPERIENCED TO RUN ANY DAMM THING ..GOD WILL PUT TRUMP BACK IN THE HOUSE FOR AMERICA

    • Wendle Elsworth
      7 December 2020 at 11:04 pm
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      Biden is a disgrace and a peice of SHIT! The DEMOCRATIC JACKASS PARTY needs to be held accountable for THEIR CRIME’S against the United States of America and the legal citizens of America and the GREATEST PRESIDENT EVER PRESIDENT DONALD J TRUMP!

  • Jim WaRk
    5 December 2020 at 12:00 am
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    Maybe they need to be raised. Of course Trump wanted to cut taxes on the wealthy. He’s one of them. But infrastructure, food and assistance for the less well to do, and purchasing power for those who must spend all they bring home are the priorities right now and the folks who are padding their nest can afford to “tithe” to the govt a little more. That’s what I think.

  • barbara reising
    5 December 2020 at 12:49 am
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    Anyone that grosses $300.000.00should pau taxed just like anyone else. What I don’t understand is why were they not paying there shear of taxes. ? Fore what it sounds like it, once a person reaches a Hight level bracket They don’t pay taxes any more. Let me check this out…OK, These are the facts to date: Whether your taxable income is $40,000 a year, $400,000, or $40 million, the first $10,000 you earn is taxed the same (10%). The same goes for the next $30,000 (12%). And so it goes through the various levels until the brackets top out My thoughts are . This is not right If a person that make over the high’s level that only are charged 37% So they can make as much money they wish to and not be charged any more then 37% doe the first 10,000. That per say is why our government is so far in the whole. That rule need to change to %37 for each $10.000. to way there money is going back into the system. The Old Saying ” The Rich Get Richer <The Poorer Stay Poor." Why, for the Rich do not pay enough money so therefore they are getting richer. plus The poor have nothing. The More money that the rich put back into the system the more Jobs, etc. will happen and therefore the more money this government will have in the furture.

  • dERRICK a aLDRIDGE
    5 December 2020 at 1:23 am
    Leave a Reply

    Stop sending me emails from this racist site.

  • Mike Marino
    5 December 2020 at 1:41 am
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    Lock us this crook and his son Hunter

  • Mike Marino
    5 December 2020 at 1:43 am
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    · On March 29, 2020, the Gateway Pundit republished a 2017 report alleging that an unidentified Secret Service agent was suspended for a week in 2009 for “shoving Biden after he cupped his girlfriend’s breast while the couple was taking a photo with him.” “The situation got so heated … that others had to step in to prevent the agent from hitting the then-Vice President,” according to the report.

  • Mike Marino
    5 December 2020 at 1:47 am
    Leave a Reply

    In 2017, the  Gateway Pundit‘s Cassandra Fairbanks published a claim from an anonymous former Secret Service agent who said that they had to protect female agents from Joe Biden due to “Weinstein level stuff,” referring to notable rapist and Democrat, Harvey Weinstein.
    “We had to cancel the VP Christmas get together at the Vice President’s house because Biden would grope all of our wives and girlfriend’s asses,” said the former agent, adding “He would mess with every single woman or teen. It was horrible.”The agent also claimed Biden would walk around naked in the VP residence.

  • Robert Lovas
    5 December 2020 at 2:28 am
    Leave a Reply

    You asked for it, now You have it.

  • Gerald S Ladd
    5 December 2020 at 4:15 am
    Leave a Reply

    This asshole will tax us to death, if him, and Willie Browns slut hit the WH.

  • Leave a Reply

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