How To Pay For Stimulus? Raise Federal Tax Rates!
How To Pay For Stimulus? Raise Federal Tax Rates!
Raise the federal tax! That’s Biden’s solution on how to get zillion dollar stimulus paid for. Never mind the fact that ending the lockdowns would be a massive positive boon to our economy. Nope, Biden is sticking with his plan to tax the rich to “help” the poor.
“President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus package.
Unidentified sources told Bloomberg that the increases will reflect the promises Biden made during his 2020 campaign.
As Bloomberg notes, an independent analysis of the Biden campaign’s tax plan conducted by the Tax Policy Center found that it would raise around $2.1 trillion over 10 years.”
Check out those numbers. The stimulus package is $1.9 TRILLION dollars that rewards Nancy Pelosi’s subway system, provides funding to major Democrat pet projects, mandates that states won’t be allowed to CUT taxes because they will lose federal funding, and hands a $1,400 pittance to Americans who’ve been locked down for over a year now. Biden’s federal tax plan is already being touted as one that will ensure the stimulus package will be fully paid for! Uh huh… $2.1 trillion over ten years is definitely a negative return on investment.
What is in Biden’s proposed tax hike?
“Raising the corporate tax rate to 28% from 21%
Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships
Raising the income tax rate on individuals earning more than $400,000
Expanding the estate tax’s reach
A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)”
Oh. Well, there it is. Taxing those pesky rich folks is the right and “fair” thing to do.
There is nothing right or fair about taxes. Period. No matter the rhetoric, taxes always have and always will result in negative consequences for someone.
Raising the corporate tax rate sounds wonderful if you are a Democrat because those big pesky corporations such as Amazon are just too big for their britches. Any person who dares be successful and earn more than $400K in a year must be punished with more taxes. And don’t you dare have a relative die on you and gift you with money/home/car/furniture/special keepsakes and think you are going to get away with not paying any taxes! Think again Sparky!
This would be the first time in over thirty years that federal taxes would be hiked up. Is a tax hike necessary?? NO. Is Biden’s tax plan problematic? YES.
Democrats don’t have control of the Senate in this regard. It’s essentially a 50/50 split. The thing is, there are several Democrat Senators who are likely taking a look at this proposal, and then looking at their constituency and rethinking the matter. Joe Manchin is one, and I’m thinking that Kirsten Sinema is another.
“Right in front of me at this moment are various graphs that indicate that housing assistance has increased from $26 billion in 1990 to about $60 billion in 2010. 33.6 million participated in government assistance programs in 1962, but now it’s 91.2 million persons (tripled). “Approximately 52.2 million (or 21.3 percent) people in the U.S. participated in major means-tested government assistance programs each month in 2012.” In 2019, 46.6% paid no income tax and depended for their living expenses in whole or in part on government assistance from the other half that pays income taxes. Medicaid expenditures have risen from about $175 billion in 1997 to $600 billion (estimated) in 2020. This is not a picture of a society that is being wiped out by poverty, but a society that is impoverishing itself.
Would taxing the rich magically ensure that people no longer need welfare? No. Will taxing the rich ensure that the poor or middle class automatically get pay raises? No. Will taxing the rich also automatically mean that the poor who HAVEN’T been paying taxes will start doing so? No.
Living like Europeans while taxing only those who earn above $400k isn't sustainable. Everybody knows it. Which is why there will be bracket creep soon enough. https://t.co/UGRhwXmHgX— Ben Shapiro (@benshapiro) March 15, 2021
Indeed. A federal tax hike will NOT boost our economy. Quite the opposite. It will send long-term negative ripples throughout multiple levels of our economy. Combine this federal tax idea with Ilhan Omar’s rental property demands, and oh what a mess we’ll have on our hands.
“After we allow you to open your business back up, we’re gonna raise not only your wages, but your corporate tax rate to pay for a bill that sent billions of your dollars to the teachers unions that they donate back to my campaign.” https://t.co/U8Vpi4uWiG— Brogan Spaulding (@loadofBS) March 15, 2021
Economy: Whew. This last year was awful. Lots of people lost jobs, companies closed forever. But now with things opening back up, a recovery might be right around the corner.— Physics Geek (@physicsgeek) March 15, 2021
Biden and Co. to economy: https://t.co/yBAGUvt3QR pic.twitter.com/UcViYnHAFQ
The Biden Administration’s floating this insane federal tax hike idea out to the public should show us all one thing. The Democrats don’t want our economy to recover. They don’t want businesses to reopen unless the businesses will agree to getting robbed before money even makes it into the till. Democrats believe that a federal tax hike will “help” and create fairness for all.
This Biden tax idea needs to be blasted into bits. Because if it makes it to Biden’s desk, our economy will be crippled.
Feature Photo Credit: tax forms, money via royalty-free license at Shutterstock, cropped and modified