You were warned – That’s how a lot of Republicans feel right now given how disastrous Joe Biden’s first few months in office have been. As I wrote just yesterday, while the administration is slipping into delusion, the realities at the border have become a full-blown crisis. Gas and energy prices are exploding as a result of the president’s executive orders as well. Meanwhile, free states like Florida thrive while Biden and his cohorts still encourage draconian mitigation measures in blue states that will listen.
Things are about to get worse, though. If you were counting on a roaring economic recovery to take us out of the doldrums of the pandemic, Biden seems intent on strangling it in its crib.
President Joe Biden is expected to propose a number of tax increases in the first major federal tax hike in nearly 30 years to pay for the long-term economic program. https://t.co/NI1YCqKaIB
— National Review (@NRO) March 16, 2021
President Joe Biden is expected to propose a number of tax increases in the first major federal taxhike in nearly 30 years to pay for the long-term economic program that will follow the COVID-19 response bill, according to a new report.
Sources reportedly told Bloomberg that provisions currently under consideration include raising the corporate tax rate to 28 percent from 21 percent; paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships; increasing the income tax rate on individuals earning more than $400,000; expanding the estate tax; and a higher capital-gains tax rate for individuals earning at least $1 million annually.
What’s so ironic about this is that it was rich, college-educated whites that catapulted Biden into office (arguments about voter fraud aside). Those people will now get to pay higher taxes for their trouble along with their higher gas and energy prices. It won’t just be them carrying the burden, though. The trickle-down effect of cost increases from a huge corporate tax hike will hit everyone who buys goods and services. We’ve seen how this plays out, and it results in stagnation of economic growth and wages.
Of course, when that stagnation happens, then Biden and the Democrat leadership can just demand yet more spending on entitlements. That’s the game here because it’s always the game. Making dependents is a favorite pastime of the progressive movement. Under Trump and his tax cuts, we had one of the best economies in the nation’s history. Wages began to rise significantly for the first time in decades. Minority employment rose sharply as well. It was a truly inclusive season of prosperity. That will all be gone if Biden gets his way and for what, exactly? Why change what worked so well? It makes no sense whatsoever.
I’m probably being kind by describing it as Biden getting his way, though. We all know he’s not in charge here. He’s a barely sentient individual who likely can’t perceive what day it is, much less how corporate tax rates affect the economy. His left-wing handlers are calling the shots here as per our usual agreement.
Tax hikes can be passed through reconciliation (i.e. no filibuster), and that’s the only way this makes it to the president’s desk at some point. That puts Joe Manchin and Kyrsten Sinema back in their respective hot seats. Do they really spit in their constituents’ faces by voting to raise taxes in the middle of an economic recovery? I wouldn’t rule anything out at this point.
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