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Democrats are also planning higher business taxes - than China. If you have a 401K

Posted: Sep 15th, 2021 - 6:39 am In Reply to: Fury as Biden tries to let IRS SNOOP on your bank accounts - (Uncle Sam wants to spy on your

or an IRA, you will feel the effect of the capital gains tax hikes that Biden wants passed.

"They want to raise taxes that will make the stocks inside your life savings, your 401k, your IRA, they want to make them worth less, because if you tax an income stream from something, it's worth less," Norquist said. "If you have a 401k, or an IRA, or a health savings account, you will be harmed directly by this. If you pay utility bills, you will be paying higher taxes. Why? Because your utility for energy or natural gas pays federal income taxes, corporate taxes, and those taxes imposed by the federal government on utilities are paid, 100%, they're passed on to consumers."

Norquist argued that the purpose of the reconciliation bill is to "make more people dependent on the government" and become compliant over time.

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