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Bidens Secretary of the Treasury


Pipeman
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President-elect Joe Biden announced Monday that he will nominate Janet Yellen, a former chairman of the Federal Reserve Bank, to be his Secretary of the Treasury.

What does that mean to American taxpayers?

To start, it means your personal income taxes will increase, your 401k will drop in value as the Biden administration and Yellen increase the corporate tax on the corporate stocks in your 401k, and your cost of gasoline and energy will increase.

Most telling, Yellen has previously stated her opposition to the Tax Cuts & Jobs Act, also known as the "Trump tax cuts" which reduced the corporate income tax and personal income tax.

BIDEN PICKS YELLEN FOR TREASURY SECRETARY, DEMOCRATIC OPERATIVE TANDEN FOR OMB DIRECTOR

She wrote in a co-bylined op-ed in the Washington Post in 2018 that there was no need for a tax cut because, “the economy was already at or close to full employment and did not need a boost.”

Americans who found jobs after the enactment of the tax cuts would disagree. After the tax cuts were signed into law in December 2017, the unemployment rate dropped from 4.1% down to 3.5% just before the pandemic hit. African American unemployment dropped from 6.7% to 5.8% and Hispanic unemployment dropped from 5.0% to 4.4%.

5,122,000 jobs were created from December 2017 to February 2020. The labor force participation rate rose from 62.7% to 63.4%.

Median household income increased by $4,440 or 6.8% in 2019 -- the largest one-year wage growth in history.

All that will run backwards by repealing the tax cut that gave us the growth and jobs.

Biden and Vice Presdient-elect Kamala Harris said repeatedly during the 2020 presidential campaign that they will “eliminate” the Trump tax cuts on “day one.” Such a repeal would impose a $2,000 annual tax hike on a median-income family of four and a $1,300 tax hike on a median income single parent with one child.

WHO IS JANET YELLEN?

Repeal of the tax cuts also means the individual mandate tax will come back into force, hitting five million households with a $695 - $2,085 tax. 75% of these households make less than $50,000 per year.

The liberal Yellen will gladly carry out Biden’s tax hike plans. Biden wants to double the top capital gains rate to 40%, the highest since Jimmy Carter in 1977. He wants everyone -- “every single solitary person” -- to pay capital gains taxes at ordinary income tax rates.

Biden also wants to impose yet another middle-income tax hike by eliminating the step-up as the basis for capital gains. When you try to leave an asset to your spouse or children, he will force an immediate capital gains realization upon transfer of the asset.

7 FINANCIAL PLANNING TIPS TO ACT ON BEFORE THE END OF 2020

Trump permanently lowered the U.S. corporate income tax to 21% which finally made America competitive with other nations on tax policy. Yellen will be tasked with helping Biden raise the corporate tax rate to 28%, even higher than Communist China’s 25%.

The Treasury also oversees the IRS, so look for Biden and Yellen to increase the IRS enforcement budget so more agents can audit your small business.

Choosing Yellen tells us that Biden will keep his promise/threat to impose a tax on energy. Yellen is a longtime supporter of placing a tax on energy.

She has endorsed an energy/carbon tax of $40 a ton which translates into a 40-cent increase in the cost of a gallon of gasoline when you fill your tank. This energy/carbon tax will also increase the cost of your home heating oil, natural gas, and the cost of all products shipped to stores or your home by truck, plane, or rail.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Once in law, the Yellen carbon tax automatically ratchets up each year. A tax increase every year, on autopilot, without a vote from congress. A new gusher of your tax dollars pouring into Washington DC, a politician’s dream.

Even former Secretary of State Hillary Clinton refused to endorse such a tax when she ran for president in 2016 because her studies showed a carbon tax would devastate low and middle-income households. And picking Yellen also signals that it is full speed ahead on increasing spending.

Rather than enact the $500 million COVID-focused legislation from the Republican senate, Yellen and Biden support the $3 trillion spending spree to subsidize states and big cities that bankrupted themselves due to decades of overspending and mismanagement plus gold-plated pension for unionized government workers.

Promising to nominate Yellen to lead the Treasury Department, an advocate of higher income taxes and new taxes on energy/gas demonstrates that Biden will follow through on his threat to raise taxes at least $4 trillion and did not mean a word of his promise to never raise a penny of any tax on taxes on anyone who earns less than $400,000. Let's be honest, most people filling up their tanks with gas make somewhat less than $400,000.

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Does not affect almost all who voted Biden. They don’t work or pay taxes.

Especially the dead who voted no difference to them.

Edited by iceman
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I am just glad my 40 years working will help those less fortunate than me you know those folks that early on realized doing something that was not necessarily easy, or fun every day (AKA a job) was something they wanted any part of. I take solace in the thought that our government will use my taxes wisely ensuring that the money I have worked for and saved over my 40 years of uninterrupted  work will help the disenfranchised have a good retirement also.  If we (the working class mostly known as the republican party) lose the Senate in the Georgia runoff, we are screwed. 

 

Edited by Pipeman
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It is a very sad day to realize that the real agenda is to continually push a liberal far left agenda where you encourage a base that refuses to pull their end of the rope to vote for a party that raises taxes solely for social entitlements. When that group gets bigger than the group actually working for a living they just keep voting to take more from those who are now supporting them. It is socialism and that turns into communism when everyone is depending on the government rather than themselves. Next stop, government health care, take away firearms, and presto....the people have no power. Glad I am not 15!!

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6 hours ago, Pipeman said:

 If we (the working class mostly known as the republican party) lose the Senate in the Georgia runoff, we are screwed. 

Bend over it’s coming. Fix is in there too. Another steal in broad daylight.

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Yellen is more intelligent than ANYONE who worked for (kissed the ass) of Trump. Anyway, I find it ironic that folks who enjoy a snowmobile trail system, the very existence of which resulted from so called "socialist" principles - volunteering for the good of others, transfer payments from richer provinces to Quebec, federal and provincial government grants and support - should find such fault with the system that created it. Not to mention our "socialist" health care system - the like of which is sometimes visited by those out of country who, injured, receive care equal to that of local residents without having to worry about what hospital they "subscribe" to.

This is a snowmobiling forum isn't it? Ah well.....

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1 hour ago, slomo said:

This is a snowmobiling forum isn't it? Ah well.....

The intelligent people know the snowmobile forums are found here below. 

http://www.quebecrider.com/forums/index.php?/forum/2-general-discussion/

http://www.quebecrider.com/forums/index.php?/forum/3-regional-forums/

1 hour ago, slomo said:

Not to mention our "socialist" health care system -

You think this works great? Yes it’s free, but not really cause our taxes pay for it. Maybe In Ontario all is unicorns and rainbows with the hospital system, this I do not know. I know I waited 7 months for a Carpal Tunnel test. Now, who wants to bet how long I will wait to get a call to have the surgery to fix it? 

In the USA or most anywhere else within a month it would have been diagnosed and repaired. 

1 hour ago, slomo said:

sometimes visited by those out of country who, injured, receive care equal to that of local residents 

And billed for it, it’s not free for them. 

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1 hour ago, iceman said:

The intelligent people know the snowmobile forums are found here below. 

http://www.quebecrider.com/forums/index.php?/forum/2-general-discussion/

http://www.quebecrider.com/forums/index.php?/forum/3-regional-forums/

You think this works great? Yes it’s free, but not really cause our taxes pay for it. Maybe In Ontario all is unicorns and rainbows with the hospital system, this I do not know. I know I waited 7 months for a Carpal Tunnel test. Now, who wants to bet how long I will wait to get a call to have the surgery to fix it? 

In the USA or most anywhere else within a month it would have been diagnosed and repaired. 

And billed for it, it’s not free for them. 

Nothing is free!

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I injured my rotator cuff on a Monday afternoon, saw a surgeon on Thursday, Surgery was completed the following Tuesday. Surgeon of my choice, paid for by insurance that my employer offers and I contribute $130.00 a month for. No complaints from me, but perhaps the extremely intelligent Yellen will f this system up...

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When a position like  Secretary of the Treasury  becomes political all the common sense moves that a seasoned businessman would make, to keep everything working in the black and allow business' to make money , magically disappear. Next thing you know, you are spending deep into the red, printing money, and causing inflation, with no apparent care as to who will pay it back or how it will be paid back. These positions are usually filled by some political hack who has managed to get millions out of their government jobs so they are very secure no matter what happens. So long as the ever growing population that either does not work by choice or cannot find a job keeps voting for their promises of debt relief , free health care and a list of other benefits, they just keep getting elected. We really need term limits to get these people out of there.All the government should really be doing is No 1 make us safe, No 2 create an economic environment where we can get up each day and go out to work and support our families, and then get out of the way. Give a man a fish, he eats for a day, teach a man to fish, he is set for life, pretty basic stuff. We now have a system where we are working for the government officials and they are trying to control us, this is exactly backwards, they work for us and we control them, this is truly where we are today....not good!!

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24 minutes ago, quebec bob said:

We now have a system where we are working for the government officials and they are trying to control us, 

They are doing an excellent job of controlling us since March 2020 for sure. 

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  • 1 year later...
  • 10 months later...
On 11/30/2020 at 10:59 AM, Pipeman said:

President-elect Joe Biden announced Monday that he will nominate Janet Yellen, a former chairman of the Federal Reserve Bank, to be his Secretary of the Treasury.

What does that mean to American taxpayers?

To start, it means your personal income taxes will increase, your 401k will drop in value as the Biden administration and Yellen increase the corporate tax on the corporate stocks in your 401k, and your cost of gasoline and energy will increase.

Most telling, Yellen has previously stated her opposition to the Tax Cuts & Jobs Act, also known as the "Trump tax cuts" which reduced the corporate income tax and personal income tax.

BIDEN PICKS YELLEN FOR TREASURY SECRETARY, DEMOCRATIC OPERATIVE TANDEN FOR OMB DIRECTOR

She wrote in a co-bylined op-ed in the Washington Post in 2018 that there was no need for a tax cut because, “the economy was already at or close to full employment and did not need a boost.”

Americans who found jobs after the enactment of the tax cuts would disagree. After the tax cuts were signed into law in December 2017, the unemployment rate dropped from 4.1% down to 3.5% just before the pandemic hit. African American unemployment dropped from 6.7% to 5.8% and Hispanic unemployment dropped from 5.0% to 4.4%.

5,122,000 jobs were created from December 2017 to February 2020. The labor force participation rate rose from 62.7% to 63.4%.

Median household income increased by $4,440 or 6.8% in 2019 -- the largest one-year wage growth in history.

All that will run backwards by repealing the tax cut that gave us the growth and jobs.

Biden and Vice Presdient-elect Kamala Harris said repeatedly during the 2020 presidential campaign that they will “eliminate” the Trump tax cuts on “day one.” Such a repeal would impose a $2,000 annual tax hike on a median-income family of four and a $1,300 tax hike on a median income single parent with one child.

WHO IS JANET YELLEN?

Repeal of the tax cuts also means the individual mandate tax will come back into force, hitting five million households with a $695 - $2,085 tax. 75% of these households make less than $50,000 per year.

The liberal Yellen will gladly carry out Biden’s tax hike plans. Biden wants to double the top capital gains rate to 40%, the highest since Jimmy Carter in 1977. He wants everyone -- “every single solitary person” -- to pay capital gains taxes at ordinary income tax rates.

Biden also wants to impose yet another middle-income tax hike by eliminating the step-up as the basis for capital gains. When you try to leave an asset to your spouse or children, he will force an immediate capital gains realization upon transfer of the asset.

7 FINANCIAL PLANNING TIPS TO ACT ON BEFORE THE END OF 2020

Trump permanently lowered the U.S. corporate income tax to 21% which finally made America competitive with other nations on tax policy. Yellen will be tasked with helping Biden raise the corporate tax rate to 28%, even higher than Communist China’s 25%.

The Treasury also oversees the IRS, so look for Biden and Yellen to increase the IRS enforcement budget so more agents can audit your small business.

Choosing Yellen tells us that Biden will keep his promise/threat to impose a tax on energy. Yellen is a longtime supporter of placing a tax on energy.

She has endorsed an energy/carbon tax of $40 a ton which translates into a 40-cent increase in the cost of a gallon of gasoline when you fill your tank. This energy/carbon tax will also increase the cost of your home heating oil, natural gas, and the cost of all products shipped to stores or your home by truck, plane, or rail.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Once in law, the Yellen carbon tax automatically ratchets up each year. A tax increase every year, on autopilot, without a vote from congress. A new gusher of your tax dollars pouring into Washington DC, a politician’s dream.

Even former Secretary of State Hillary Clinton refused to endorse such a tax when she ran for president in 2016 because her studies showed a carbon tax would devastate low and middle-income households. And picking Yellen also signals that it is full speed ahead on increasing spending.

Rather than enact the $500 million COVID-focused legislation from the Republican senate, Yellen and Biden support the $3 trillion spending spree to subsidize states and big cities that bankrupted themselves due to decades of overspending and mismanagement plus gold-plated pension for unionized government workers.

Promising to nominate Yellen to lead the Treasury Department, an advocate of higher income taxes and new taxes on energy/gas demonstrates that Biden will follow through on his threat to raise taxes at least $4 trillion and did not mean a word of his promise to never raise a penny of any tax on taxes on anyone who earns less than $400,000. Let's be honest, most people filling up their tanks with gas make somewhat less than $400,000.

How true this proved to be....

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Unfortunately it is.  Our son already graduated from college with no student loans.  I missed a potential payday there.  I was thinking I should stop paying my bills and let my credit go in the dumps in case I wanted to get financing.

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