Americans for Tax Reform

President Joe Biden and Congressional Democrats are pushing legislation to impose $3.5 trillion ($3,500,000,000,000) worth of socialist tax hikes, socialist price controls, and socialist spending.

Biden High Taxes

Biden Bad Decisions

Socialist Tax Hikes

Biden is pushing for trillions of dollars’ worth of tax increases that will hit working families and small businesses. Not only would this be the largest tax increase in modern history, but it would threaten jobs, reduce wages, and increase the cost of goods and services.

Biden wants trillions of dollars of tax increases on American businesses which will make us globally uncompetitive and give us higher taxes than China and Europe. The cost of these tax increases will not fall on “profitable” corporations but will be passed along to families and workers. Inflation is already running rampant in the U.S. and Biden’s plan will only make things worse.

Millions of small businesses will see higher taxes through the increase in the corporate tax and the top marginal income tax rate. In addition, the plan to repeal step-up in basis will raise taxes on family-owned businesses across the country.

Many of the tax hikes being pushed by the administration violate President Biden’s pledge not to raise taxes on any American earning less than $400,000 per year. A recent analysis by the left-of-center Tax Policy Center found that the tax hikes proposed in President Biden’s budget will raise taxes on 74.1 percent of middle income-quintile households in 2022. In addition, a report by the Joint Committee on Taxation found that over the long-term, approximately $100 billion of the corporate tax increase would be borne by taxpayers making less than $100,000.

Socialized Medicine

Biden wants to impose socialist price controls on the American healthcare system through H.R. 3, legislation that creates a 95 percent excise tax on manufacturers and imposes an international reference pricing scheme that directly imports foreign price controls into the U.S. 

This plan will threaten American patients, workers, and the healthcare system. It will adopt socialist healthcare policies utilized by foreign countries that result in the rationing of care. It will reduce access to new medicines, leading to fewer lifesaving cures and treatments. It will also threaten high-paying manufacturing jobs across the country that rely on medical innovation.

Socialist Spending

Biden wants to dramatically expand the size of the federal government with trillions in new federal spending. This will dramatically increase the size of the welfare state so that federal bureaucrats have more control over education, employment, medical care, and the lives of everyday Americans. 

This spending is unsustainable. Congress has already passed nearly $6 trillion in new federal funding to address the Coronavirus pandemic, including $2.2 trillion in March of 2020, $900 billion in December of 2020, and $1.9 trillion signed into law in March of this year. All told, the federal government spent $6.5 trillion in 2020, or 31% of the entire economy. This year, spending will be more than $6.8 trillion, or 30.6% of the economy, according to the Congressional Budget Office.

Trillions in new spending will also exacerbate existing inflation that is being felt by American families and businesses.Consumer prices increased by 5.4 percent on an annualized basis in July, according to the Bureau of Labor Statistics (BLS). When Biden became President, annual inflation was just 1.4 percent.

Socialist Taxes

Democrats Attempt to Mislead Public on Cost of Socialist Tax and Spend Bill

According to media reports, Democrats are reducing the total cost of their plan from $3.5 trillion to as low as $1.9 to $2.2 trillion. However, they are not actually seeking to reduce total federal spending – instead they are simply utilizing budget loopholes and gimmicks to create the illusion that the bill will cost less.

Socialist Price Controls

Norquist Warns of Dem Drug Price Controls, New IRS Reporting Regime

In an interview on Fox Business Network’s ‘Fox Business Tonight,’ ATR President Grover Norquist highlighted several troubling aspects of Democrats' $3.5 trillion reconciliation package. Specifically, he warned of Democrats’ plans to impose drug price controls based on international prices, creating a 95 percent excise tax on manufacturers that do not sell drugs at the government-set price.

Socialist Taxes

9 Facts About The Democrats $96 Billion Tobacco & Vaping Tax Grab

Congressional Democrats plan to double the Federal Tobacco Tax – a clear violation of President Biden’s pledge to not raise taxes on anyone earning under $400,000This will disproportionately harm the poorest Americans and increase income inequalities: 72% of smokers are low-income earners. In some states poorer smokers already spend one quarter…

Socialist Taxes

Science Denying Democrats Propose Whopping 2000% Tax Hike On FDA Approved Reduced Risk Products

As the United States is emerging from an unprecedented health emergency, it would be hard to believe that anyone would concoct a plan to penalize people for engaging in what the Food and Drug Administration (FDA) specifically authorizes as a method to significantly reduce the risk of persons contracting cancer, heart disease, and a myriad of other illnesses. 

Socialist Taxes

Biden’s energy tax hikes threaten jobs, inflation and US independence

President Joe Biden routinely talks about the need to create more quality, high-paying manufacturing jobs. If the president is serious about achieving this goal, why is he pushing policies that will destroy high-paying manufacturing jobs in the oil and gas industry?   Biden has already pushed policies that have harmed these jobs including the killing…

Socialist Taxes

International Reference Pricing Would Harm American Patients, Workers, and the Healthcare System

President Joe Biden is expected to release a “human infrastructure” plan in the coming weeks that spends as much as $2 trillion. This proposal will likely include new tax increases and foreign price controls on American medicines that will harm patients, manufacturers, and the American healthcare House Democrat lawmakers…

Socialist Spending

Biden’s reckless tax-and-spend plan will make inflation worse

Thanks to President Joe Biden’s policies, American families and small businesses are seeing rampant inflation that is reducing purchasing power and stretching budgets. While the Left has dismissed this inflation as “transitory,” if Biden and Congressional Democrats have their way and pass their reckless $3.5 trillion tax and spending plan, this…

Socialist Taxes

Five Reasons to Reject Biden’s Capital Gains Tax Increase

President Joe Biden has proposed doubling the capital gains tax as part of his so-called “American Families Plan.” Under his proposal, the top federal capital gains tax will be 43.4 percent including a 39.6 percent long-term capital gains rate and the 3.8 percent Obamacare net investment income tax. Biden also calls for increasing taxes on carried interest capital gains.