Econ 101: Biden Fails to Understand Even the Basics of Individual and Corporate Taxes

Whispering Joe is at it again…

In a televised speech to the nation, Sleepy Joe again fell back on his hackneyed phrase, “Pay your fair share.” Of course, this dumb son-of-a-bitch is trying to shame financially successful individuals and corporations into paying even more taxes than they already do.

Well, duh. Of course everyone should pay their fair share of whatever objective everyone is striving for. That’s pretty much a no-brainer.

Nothing like stating the obvious, huh? “Pay your fair share” is about as clear-cut and all-encompassing as “I don’t like rat turds in my ice cream.” Who could possibly disagree with such a claim?

While I’m personally far from being even close to a millionaire, I will say that I have zero animosity for those that made their fortune fairly and legally. After all, a poor man never offered me a job.

Anyhow, what Creepy Joe isn’t telling you is that the top 50 percent pay a whopping 97.06 percent of all income taxes. To narrow it down to the super-rich, the top five percent pay 60.3 percent, while the top one percent pay a massive 40.08 percent of all income tax.

Yeah, that sure as hell sounds to me that the rich already DO pay their fair share.

National Taxpayers Union Foundation cites directly from the the IRS’s Statistics of Income division for the following graph;

Something else Whispering Joe isn’t telling you… Bloomberg News recently published an article of a perfectly legal loophole that the very rich certainly will use to keep Socialist Joe from seizing their assets.

After all, Reich Minister of Propaganda Joseph Goebbels said it best, “Tell the ‘Big Lie’ loud enough and long enough, people will eventually believe it to be the truth.”

As cited by Ben Steverman of Bloomberg (emphasis mine);

Wealthy Americans are scrambling for places to hide from plans by Democrats to hike their taxes. Many on Wall Street think they’ve found just the thing.

A niche strategy called private placement life insurance, or PPLI, was already gaining popularity among the very rich for its ability to shield fortunes from taxes. Now some advisers to the top 0.1% say it’s dominating conversations with their clients.

The threat of higher taxes — what President Biden calls making billionaires and millionaires pay their “fair share” — isn’t the only factor sparking interest in PPLI. A little-noticed change in U.S. insurance law at the end of 2020 makes the tool more powerful, at the same time that competition among insurance carriers and advisory firms is giving rich investors more flexibility, lower costs and a wider choice of products on PPLI platforms.

As long as assets are held in a PPLI policy, they escape taxes. When a policyholder dies, heirs inherit the PPLI’s contents tax-free. Those perks strike at the heart of Biden’s plans to get the very wealthy to pay more taxes on their investments, especially on capital gains that currently aren’t levied if assets are held until death.

PPLI has its drawbacks. Strict and very complicated rules determine whether a PPLI policy qualifies as life insurance — an important distinction because that’s what gives these accounts their tax benefits. The policies can fail if not funded properly over time. Once assets are inside a PPLI, they can’t be taken out without a big tax bill — though they can be borrowed against or rolled into another insurance product.

I realize that this is a gross simplification, but in so many words, it appears to me that PPLI is pretty much like a tax free savings account.

The only kick in the ass is that one needs millions and millions to qualify for this particular insurance plan. Oh, well… so it goes.

Now we come to corporations seeing their taxes raised.

I realize that I shouldn’t get so wound-up over this, but Biden and the Democrats REALLY DO believe that the average American is stupid as hell.

Be it concrete mix or baby powder, corporations automatically add taxes to the cost of production.

Raising taxes one percent or 100 percent, the cost is passed on to the consumer. That may not seem fair, but the business of businesses is to make money. Don’t get angry with the corporations… get angry with the idiot politicians that are trying their level best to make the United States a totalitarian dictatorship.

Thanks to people like Joe Biden, Alexandria Ocasio-Cortez and Bernie Sanders, the ones who really end-up paying an invisible tax are this nation’s lower middle-class and the working poor.

Just remember this; the likes of Joe Biden, Alexandria Ocasio-Cortez and Bernie Sanders already know this. They just don’t give a damn.

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