“The Biden tax plan is Bad Policy” — Paul Ebeling
“Calls from the Biden administration and from Democrats to raise taxes do not come from a plan to generate money for more government spending, but for redistributing wealth“, says LTN economist Bruce WD Barren @Bruce_WD_Barren
Mr. Barren goes on to say, “To me, this is a disincentive in business and not part of our forefathers vision of American dream as a land of opportunity, to come from no where and enjoy the fruits of hard and smart work, persistence and determination.“
“You used to hear liberals say we want to raise taxes to be able to have more money to spend on more government programs,” Reprehensive Ro Khanna, (D-CA) says, “Now we have seen in Washington, for the past few years, you can spend and you don’t even have to come close to balancing the budget.”
Mr. Biden is planning the 1st major tax hike in the US since Y 1993, with increases in the corporate tax rate and in the individual tax rate for people earning more than $400,000 per yr.
The plan is expected to include a repeal of some of President Trump’s 2017 tax cut legislation. It is expected to include an increase in the corporate tax rate from 21% to 28%, expanding the estate tax, and raising the capital gains tax for people who earn more than $1-M a yr. That is a large Dem Dreamland order.
“The Democrats in Washington have just really drifted so far to the left that they’re not even recognizable,” Representative James Comer (R-KY) said in an interview.
Democrats are also calling for repealing the cap on federal tax deductions for state and local taxes, SALT, which went into effect under President Trump’s tax law, and Mr. Comer says, “That is a bad idea“.
“A lot of the people in the Biden administration forget about property taxes and the people that live in the high property tax states,” said Mr. Comer. “They were the losers in the Trump tax cuts. I think this is something they need to think long and hard about. We’re just now getting the economy back on stable footing and a big tax increase is not the way to go.“
Americans should call their Congressmen, Congresswomen and Senators and say, “No Tax Hikes Mr. Biden!”
Editors note: Opinion has shifted in America to the point that about 60% of Democrats have a positive view of socialism. Socialism has been embraced by the intelligentsia and is being increasingly admired by its youth. Proponents of socialism lament the inequality of wealth and income under capitalism and claim that America’s wealthy are not paying their fair share of taxes. Politically elite liberals promote socialism as the cure all to income and wealth inequality. They call for increased wealth transfers funded by higher taxation of the rich. The concept has never worked.
Have a healthy day, Keep the Faith!