The following op-ed was authored by Gerard Gibert, Host of MidDays on SuperTalk Mississippi
Recent polls reveal that less than 10% of Americans are aware of what’s in Joe Biden’s $3.5 trillion (really $7 trillion) Build Back Better plan. When asked about the specific proposal to increase taxes on corporations and higher income Americans, a whopping 68% said yes.
I struggle to understand their rationale. Do they believe increasing taxes on others will improve *their* economic situation? I think people wanna stick it to others. They just want a pound of flesh. Jealousy, envy and resentment drive their disdain.
Meanwhile, the President doesn’t tell the whole story. At least 3 provisions benefit the wealthy:
✅ Repeal of the $10k limitation of the SALT (state and local taxes) deduction, signed into law by President Trump, would benefit the wealthy in high-tax Democrat run states.
✅ Increase in subsidies for purchasing an electric vehicle to $12,500. The credit is non-refundable, so a married couple would have to make $200k/year to fully utilize the credit. Rich households would benefit. Oh, so would EV billionaires – e,g. Elon Musk. Loophole, anyone?
✅ Biden’s plan would allow taxpayers to write-off $250/year in union dues. Less than 11% of working Americans are unionized, down from 1/3 in the 1950s. Who benefits the most from this measure? Union leader fat cats.
✅ The child tax credit, monthly payments of $250/child age 6-17 and $300 for every child < 6, would be available in the full amount to a couple earning $150k/year or less, not phasing out until $400k/year.
That’s right, a married couple making $150k/year with 4 children (2 under 6 and 2 over) would receive $13,200 a year ($1,100/month) simply for housing their children.
The same couple earning $400k/year could still qualify for $8,000/year in child tax credits (payments).