Here are the massive tax increases coming your way in a second Biden term

Here are the massive tax increases coming your way in a second Biden term

Grover Norquist explains the foundations of GOP success with 'leave me alone' coalitionVideo
Grover Norquist explains the foundations of GOP success with 'leave me alone' coalition
Americans for Tax Reform president Grover Norquist critiques Republican leadership, explains why Trump couldn't cut spending, and attacks the American left for its redistributive tendencies


Donald Trump has outlined his plans for federal taxation should he be elected.

"I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.

Trump made the direction clear. Lower.

Biden tax forms
Biden’s plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one. (Getty images | iStock)

But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.



Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.

Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.

Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.

Biden proposes 25% billionaire tax Video
Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.



Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years.

California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%. New York state businesses would pay a combined 53.4% on capital gains.

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