Varney slams Biden’s tax plan: ‘We will all have to pay’

“Varney & Co.” host Stuart Varney in his latest “My Take" argued that President Biden’s proposed tax increases would impact ordinary Americans, not just those who are rich.

“Don’t be fooled,” Varney said Monday. “The left will try to build political support by saying they’re only taxing the rich—that’s not so-- middle America will also be told to pay up.”

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The host offered his thoughts on how several of the president’s proposals would impact both individuals and small businesses.

“Just suppose mom and dad pass away and leave you their house, or their stock portfolio,” Varney said. “The value has probably gone up a lot. That is a capital gain, and the Biden administration would tax that gain immediately, the moment you inherit and they’ll tax it as ordinary income.”

Varney argued that a proposed corporate profit tax increase would apply to millions of small businesses, not just huge corporations.

“Many have been shut down by the government during the pandemic, and now the government is telling them to pay more tax on any profit they may have made,” Varney said.

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Varney also noted the potential reintroduction of the Affordable Care Act’s individual mandate tax, as well as a proposed tax on guns.

“If this administration gets its way, every gun owner will have to fill out a 13-page questionnaire, complete with fingerprints, in order to register their firearm and they’ll have to pay a $200 tax. That’s a tax on the guns you already own,” he said.

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Varney said the Biden administration and his cabinet picks would be in favor of a carbon tax, potentially in the form of a gas tax hike.

“John Kerry, Janet Yellen, Neera Tanden, plus the Biden/Harris team, they all want to make energy more expensive,” Varney said. “We will all have to pay.”