Former U.S. Vice President and current presidential candidate, Joe Biden, has come under fire for his proposed tax plan. Under Biden's tax plan people making in excess of $400,000 per year would see their taxes dramatically rise to 62%, especially in states such as New York and California, which are among the richest places in America.

A political advertisement by rival, President Donald Trump, stated "82% of Americans would see their taxes raised" under Biden's plan. While I don't think President Trump should have given the rich a $1.3 trillion tax cut (Tax Cuts For The Rich In America Is A Bad Idea At This Time), Biden's proposals would cost the economy jobs during a pandemic.

Biden's proposed tax plan is lopsided and would punish job creators in America. History has shown that when taxes become too high in America, the wealthy take their money and jobs elsewhere, seeking tax shelters and havens in the international community.

Donald Trump and Joe Biden at the presidential debate

First of all, a person making between $100,000 to $400,000 can afford to pay more taxes. Therefore, why Biden chose $400,000 as the threshold is a mystery. An individual making $100,000 per year can afford to pay a 2% tax increase on their roughly $8,300 per month income.

Anyone making over $200,000 per year can afford to pay a 5% tax increase on their roughly $16,700 monthly salary. I think the tax increases should be capped at 5% (even for millionaires) during this financial crisis and pandemic, and only be applied to people making more than $100,000 per year.

America hemorrhaged 41,000,000 jobs during the coronavirus (Covid-19) pandemic. The country is desperately in need of job creation. This is the time for the rich in America to create more jobs to save the economy. Huge tax increases are a bad idea and will greatly hamper that effort.

RELATED ARTICLES

Joe Biden And Son Hunter Biden’s Criminal Conduct Exposed In Pay For Play Scandal Regarding Leaked Items From Laptop

Exclusives