(TheRedWire.com) – According to Larry Kudlow, famed investment expert and former Director of the National Economic Council under President Trump, President Biden is about to weaponize the IRS against US citizens. It wouldn’t be the first time. In 2012, the IRS under former President Obama targeted conservative Tea Party groups. According to Kudlow, this could be even worse as the IRS may target everyday Americans if Biden gets his way.
— Charles Rink (@EIBFNC) April 28, 2021
How would the IRS be weaponized? First, the president has proposed increasing the Capital Gains tax. Kudlow argued that it could go over 50% and even close to 60% when factoring in state capital gains taxes. That’s significantly higher than Europe, which averages 18%. The highest capital tax rates in the world include Sweden at 30%.
The president is also proposing a corporate tax rate that’s higher than China’s. Also, Kudlow charged that by attacking investments, the blue-collar middle-class would be hit hard if they sell a home or a business. To collect all the taxes, Biden wants $80 billion for the IRS to increase audits, harass taxpayers, and find new dollars to pay for his out-of-control spending.
It’s something America has seen before, and the sad part is it probably won’t achieve Biden’s goals.
Copyright 2021, TheRedWire.com