Is President Biden planning to increase taxes retroactively?

As lawmakers consider the magnitude of tax increases, taxpayers may wonder whether those increases will be retroactive not only to the date of the bill's introduction, but to the beginning of 2021. This is an important and interesting question: Can tax legislative increases be retroactive?

Under conventional wisdom, the answer is no. Taxpayers should be able to rely on the existing rules; otherwise, the government's pursuit of short-term revenue could create a sense of unfairness and animosity toward the system.

In reality, however, the answer is yes. Tax increases can be retroactive, and not just to the current year.

Why not retroactively raise taxes all the way back to 2017 when Trump signed the Tax Cuts and Jobs Act?

And why even stop there? California wants to tax your future too, even after you leave the state.

Knowing about the huge outbound migration from California, Cavuto asked what would happen to wealthy people who move out of state. Bonta said tax "avoidance" would not be allowed as California would tax them for the next ten years, despite what state they live in. Bonta said that because they accrued the wealth in California, the state can continue to legally tax it.

Like bank robbers, taxers have to "go where when the money is". If the present is all tapped out, tax the past and future.

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