The Democrats have a reputation for being fiscally irresponsible. However, as they look for ways to pay for their budget resolutions and liberal wish lists, they become even more irresponsible.
They’ll tax anyone and everyone without worrying about the economic repercussions.
President Biden said that he didn’t want to tax any American making under $400,000. Before the end of the year, he’ll break that promise.
The Democrats are getting creative, though. They’ll tax the corporations – and assume that it will have no trickledown effect on consumers.
It’s become obvious that the average Democrat on Capitol Hill has never had to balance a checkbook. They’ve never had to deal with supply and demand. Each and every decision they make is stupider than the last – and Americans are the ones that will have to pay for it, quite literally.
The House Ways and Means Committee is looking to approve a massive tax plan that hasn’t had much time to be read. However, they’re working against a tight deadline that coincides with the reconciliation spending package.
Moving quickly is dangerous because it means that the Republicans won’t have a lot of time to look over the fine print.
The Democrats will need to get this passed – and they can’t afford to lose too many votes along the way.
The problem with the tax plan is that it results in nearly $3 trillion in tax increases. That’s a significant amount of money. One of the increases will be a corporate rate of 26.5 percent.
While corporate taxes are meant to hit the corporations, there is most certainly a trickledown effect. If corporations have to pay more, they’re not going to let it come out of their bottom lines. Instead, they’ll cut staff and they’ll raise prices – both of which are bad for the economy.
The Democrats don’t care about such things, however. They only care about being able to pay for their wish lists.
Now, not all Democrats are rallying behind this massive tax plan. There are plenty of moderates who would like to slow things down. Just as we have Joe Manchin slowing things down in the Senate, we have Representative Stephanie Murphy (D-FL) slowing it down in the House.
It’s all happening entirely too fast according to Murphy. “I don’t know how much we’re spending, how much we’re raising, how we’re spending some of the money and how we’re raising any of the money.”
That’s a problem. If those responsible for approving everything don’t know how much is being spent and how much is being raised, they most certainly need to slow things down.
It’s not just about sorting out how much they’re spending and how much they’re raising taxes, though. They can’t assume that the corporations and the wealthy will handle paying for all of their progressive plans. It’s only a matter of time before they tax everyone. Great, like we’re not already spending more than what we can afford…
With any luck, we can get the moderates to slow things down. We need the Democrats to look at what they’re about to do to our tax rates. Otherwise, if the liberals succeed in hitting the fast-forward button, we need to brace ourselves for a financial burden of epic proportions.