Monday, June 24, 2024
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Joe Biden to Impose a ‘White Tax’ for Reparations in His Second Term

A couple of weeks ago, we told you about some of the worst elements of Joe Biden’s second-term tax plan. It’s amazing that they even wrote this plan down in an election year.

Diaper Joe wants to hit Americans with $5 trillion in tax increases, starting next year if he gets back in office. We couldn’t even get to all of the bad ideas in Biden’s tax plan in the last article.

There’s one tax increase in particular that should make everyone furious—the ‘White Tax.’ Joe Biden plans to close the “racial wealth gap” in America by specifically crippling white Americans with a race-based tax increase.

We’re not making this up. The Treasury Department released Biden’s 2025 tax plan in February. It’s right out in the open and easy to find on the internet, even though the media is ignoring this story.

 

Beijing Biden wants to avoid any tax rates that “disproportionally benefit White taxpayers.”

As just one example of this, Biden wants to raise the top capital gains tax rate to 44.6%–the highest rate in more than a century. When combined with state capital gains tax rates, businesses in California will be taxed for 59% of the wealth, and 53.4% in New York. The average capital gains tax rate in the rest of the developed world is only 18.78%. In Communist China, it’s 20%.

The capital gains tax is the amount the government takes from you when you sell an asset, such as stocks, bonds, or real estate. Some people can take advantage of a preferential rate when they sell an asset. According to the Biden regime, these reduced tax rates “disproportionally benefit White taxpayers who receive the overwhelming majority of the benefits of the reduced rates.”

Let’s say you’re a white baby boomer who bought a house in California back in 1990 when it was valued at $250,000. You paid it off over a 30-year period in 2020, and now the home is valued at $2 million. It’s not your fault that the home is worth $2 million. Policymakers and inflation caused that.

If you decide to sell the home, the Biden regime will consider you a white millionaire and will tax you at the maximum capital gains rate. The federal and state governments will take just over $1 million of the profits on the home, leaving you with about $700,000 of the profit—which is nowhere near the amount that you lost to inflation over that 30-year period. And the only reason why you will get jammed up at that rate is because of your skin color.

Notice that under Joe Biden’s tax plan, no black or Hispanic Americans actually benefit. Biden’s plan does not involve lifting up low-income earners so they can join the middle class. Biden’s plan involves crushing the middle class so that we are all equally poor.

“How on earth does that encourage innovation, growth, entrepreneurship?” asks Michael Siefert, CEO of PublicSquare. “I am shocked that they would have the audacity to do this in an election year, and in another way, I’m not surprised at all. I think they’ve learned that they can just kind of shoot from the hip and get away with it.”

White families are far more likely to own their own homes or have a stock portfolio than black or Hispanic families. That’s not due to racism. It’s due to life choices and a lot of other factors. Blacks especially have been economically crushed for the past 40 years by politicians allowing the mass importation of cheap foreign labor.

Donald Trump’s economic plan is the exact opposite. Cut taxes, generate federal funds by imposing tariffs on imported goods, and encourage investment and job growth here in America. More jobs for blacks, Hispanics, and whites means more economic opportunity for everyone. Joe Biden’s plan is to use anti-white racism to crush everyone down to the bottom of the economic ladder.

We can’t tell you what to do with your property or stocks. We’re not financial advisors. But if you’re thinking about selling a home or stocks in the next few years, you should seriously consider whether you should do it now. White people are still a majority in America today. Imagine how badly these people are going to hurt us once we’re a minority and lack political power to stop them.


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