For starters, Biden credibly threatens to take a tax code that is already steeply progressive and make it even more progressive, with nearly all of the increased tax burden falling on the top 2% of taxpayers. That’s a problem for a couple of big reasons. For one, it would clearly discourage savings, investment, and business formation, potentially causing lasting economic damage. Plus, it wouldn’t do much to reduce income and wealth inequality.
At the center of Biden’s plan is the taxes on earnings used to fund Social Security. Currently, payroll taxes are only levied on the first $137,700 in income, subject to an annual cost of living increase. The employee and employer each pay 6.2% in Social Security tax; self-employed individuals pay both sides, or 12.4%. Biden proposed applying this tax to an unlimited amount of income above $400,000, leaving a “donut hole” between $137,700 and $400,000, which he expects will gradually narrow over time with inflation. Also, Biden wants to re-raise the top marginal tax rate from 37% to 39.6%." Washington Post
I am somewhat surprised that the Washington Post allowed the publication of this column. The editorial board specifies in an attached statement that this piece does not represent their opinion, but, nevertheless …
Biden's Death Spiral economic program has been fed to him by the Sanders-Warren-Squad forces that now dominate the Democratic Party. He is their prisoner and creature, wanting so desperately to live in the White House that his addled brain does not comprehend that his plans will simply kill the goose that lays the golden eggs. His pals are deeply hostile to capitalism and the liberties that have accompanied it as the basis of society in America.
Rich people whose business acumen fuels the prosperity that lies at the heart of Americans' aspirations will flee the United States. They will try to move their wealth abroad before it can be seized by the government of Mr. Biden.
Biden's economic plans and indeed the whole neo-communist direction of a coming Biden Democratic government will kill the cities and beggar most Americans. The Post seems to have at last understood that.
Why did the Post publish this? Perhaps Bezos has come to realize that the "more perfect union" phrase in the preamble to the constitution meant more efficient government rather than a marxist dream of utopia. pl