(Liberty Bell) – This headline alone probably sums up exactly why 74+ million Americans voted for President Donald Trump.
Joe Biden is now in office and he’s about to bleed our already cripplingly indebted nation completely try to try to convert the freest and most prosperous country in the history of mankind into a Marxist ghetto in the name of “progress.”
President Biden, The Gateway Pundit reports, is planning to propose the first significant federal tax hike since 1993 to fund his multi-trillion dollar climate change, infrastructure, and social spending projects.
Great nations die by suicide, they say.
Well, here we go.
The Biden economic agenda reportedly comes with a price tag that is somewhere between $2 and $4 trillion dollars.
Oh—and that’s on top of the $1.9 trillion COVID relief bill that President Biden just signed that is packed full of more pork than the most progressive, economically-illiterate leftist could possibly dream of.
Increases on corporate tax rates and individual rates for so-called “high-income” earners will be the focus of the hikes, according to Bloomberg.
“The tax hikes included in any broader infrastructure and jobs package are likely to include repealing portions of President Donald Trump’s 2017 tax law that benefit corporations and wealthy individuals, as well as making other changes to make the tax code more progressive, said the people familiar with the plan,” the outlet reported.
Big League Politics explains that reports indicate the administration wants to raise “the corporate tax from 21 to 28 percent, raising income taxes on individuals who make above $400,000, increasing business and estate taxes, and raising the capital gains tax for millionaires. This will be done in part to fund the $1.9 trillion in COVID-19 bailout spending and the broader economic plan attached to that proposal.”
The Tax Policy Center estimated that the proposed tax hikes could take $2.1 trillion from the pockets of working Americans over the span of the next ten years.
You have to have virtually no understanding of basic economics to think this is somehow going to be “fair,” as Biden surrogates are promoting the plan to the media.
“His whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens,” former Biden economic aide Sarah Bianchi glowingly told Bloomberg News. “That is why the focus is on addressing the unequal treatment between work and wealth.”
This isn’t about fairness—this is about destroying the middle class.
This will only increase the gap between the haves and the have-nots. It’s never worked anywhere—why on earth would it work here?
Biden is getting flack from his own party for the fiscally radical plan.
Sen. Joe Manchin (D-WV) slammed tax hikes as “ridiculous,” although he later acquiesced and said “everything’s open for discussion.”
Any halfway sensible Democrat, of course, will realize how politically toxic such a move would be on the part of their party.
“People would accept the corporate tax raised a few points but beyond that you’re going to have problems, especially in the middle of an economic crisis,” one Democrat lawmaker told the hill anonymously in February.
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