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Biden Set to Unveil Gargantuan Tax Hike for the Wealthy

Don’t say we didn’t warn you.

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During the 2020 election, there were plenty of claims made by then-President Donald Trump regarding the policies that we might see should Joe Biden be elected, not the least of which involved open borders and a tax on the rich.

Now we know that Trump wasn’t kidding.

Biden has already proven to be an inept leader when it comes to border security, having tapped Vice President Harris for the role of overseeing the necessary reforms.  Instead, Harris has remained far from the actual crisis, and only mentioned immigration reform this week, thirty days after being assigned the task.  To add insult to injury, the Vice President also tried to equate the migrant surge to climate change, possibly in an effort to somehow get the radical left engaged on the issue.

Trending: VIDEO: Conservative Icon Tears Through 30 Pushups to Teach Reporter a Lesson

And now Trump’s prophecy is doubled, as Biden is set to unleash a massive, forewarned tax hike on the wealthy.

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President Biden is expected to propose almost doubling the tax rate paid by wealthy investors when they sell stocks and other assets in his next big-ticket spending bill.

Under the forthcoming proposal, dubbed the American Families Plan, the capital gains tax rate could increase to 39.6% from 20% for Americans earning more than $1 million, a source familiar with the matter told FOX Business. Coupled with an existing Medicare surcharge, federal tax rates for the wealthy could climb as high as 43.4% – bringing the levy on returns on financial assets higher than rates on ordinary income.

Taxes on long-term capital gains – generally classified as an asset that’s held for more than one year – currently range from 0% to 20%, depending on a person’s income. Wealthier investors are also subject to an additional 3.8% tax on long- and short-term capital gains that’s used to fund ObamaCare. Short-term capital gains on assets sold within a year are typically taxed as ordinary income.

Capital gains are taxed favorably when compared to wage and salary income; under existing law, the richest Americans pay a top tax rate of 37% on ordinary income, while the top tax rate on capital gains is 23.8%.

And while Biden and the Democrats may possess a majority in Congress, many of those elected representatives on the left side of the aisle happen to be fairly wealthy themselves, which could make for an uphill battle on Capitol Hill.

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Andrew Cuomo Should Win The Political Darwin Award

Heck, he should probably get a lifetime achievement Darwin Award based on his handling of the CoronaVirus pandemic.

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If there is ever a Darwin Award for politicians New York Governor Andrew Cuomo just earned himself the award—heck, he should probably get a lifetime achievement Darwin Award based on his handling of the CoronaVirus pandemic. The Darwin Awards salute the improvement of the human gene pool by honoring those who achieve the pinnacle of stupidity by accidentally and spectacularly killing themselves most spectacularly. Like the guy who approached the open drawbridge in Louisiana, “lifted up the arm of the safety gate, then get back in while the driver backed up a bit and accelerated hard over the dra-bridge edge.” The car did not make it. The driver and passenger drowned as the car sank into the bayou. They received the award because “You cannot live long if the road’s IQ is higher than your own. In this IQ test, our Double Darwin winners failed; indeed, they set a new low. Because these Texas Men–unlike the Blues Brothers–lacked “Cop Tires. Cop Engine. Cop Suspension, and a Mission From God.” A political version of the Darwin Awards would not involve the death of the winner but would be given to the politician who says the most imbecilic tone-deaf statement at the worst possible time. Based on his latest statements, New York’s ‘Luv Guv” Andrew Cuomo should receive a lifetime achievement Darwin Award. Cuomo has been in trouble thanks to sexual harassment charges and, most importantly, his COVID-19 executive order that lead to the death of thousands of senior citizens earning him the Twitter hashtag #CuomoKilledGrandma. When concerns regarding the nursing home deaths resulting from his order, the Luv Guv made some awful tone-deaf statements, perhaps the worst of which happened in May 2020. A reporter asked, “What would you say to families who have suffered losses inside nursing homes? His callous…

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Opinion

VIDEO: Conservative Icon Tears Through 30 Pushups to Teach Reporter a Lesson

He’s still got it!

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There has been no shortage of concerns over the health of our elected officials as of late, and with good reason.  We keep electing septuagenarians who aren’t exactly the perfect specimen of physical or mental health. And so, far too often, we hear these elder statesmen ragging on one another’s condition.  During the 2016 election, we had to watch the painful and frankly scary behavior of Hillary Clinton, who was in continual denial about whatever affliction she was dealing with at the time.  In 2020, it was Donald Trump and Joe Biden arguing back and forth over their stamina and physical aptitude.  At one point, Biden even suggested that he would drop and give us several pushups in the middle of a debate if Trump would be willing to match him. That potentially hilarious incident never occurred, (maybe thankfully, in order to save our nation from that embarrassment), but these feats of strength remain out there, in the ether, just waiting for some poor sap to take the bait. A reporter in Texas was almost that sap this week. Texas Republican Party Chairman Allen West, a 60-year-old former Army lieutenant colonel, did 30 pushups at a press conference outside the state capitol on Wednesday. The pushups occurred near the end of the event, which was to discuss the state’s new abortion and anti-transgender bills. West initially challenged a CBS Austin reporter who showed up late to the event to do 30 pushups in order to make up for his tardiness. After the journalist declined, West did the pushups himself. The crowd counted along and then cheered after he completed them in roughly 22 seconds. Video of the incident shows that West has still got it. https://twitter.com/janestreet/status/1390055667612979204?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1390055667612979204%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.newsweek.com%2Ftexas-gop-chair-lt-col-allen-west-challenges-reporter-press-conference-do-30-pushups-1589432 West has long been an icon in the conservative world, and there is little doubt that this…

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