Since Biden has assumed office, it seems like literally nothing has flown out of his office aside from a slew of executive orders, whose purpose can be boiled down into just two words: America Last.
After all, open borders, job killing, and school closures seem to be at the top of Democrats’ wish lists, along with funding massive entitlement programs, and apparently now reparations via racialized federal aid.
At some point, however, even Democrats have to somewhat come down to reality and realize that a certain amount of “revenue” is needed to effectively give millions of illegals citizenship, not to mention let millions more illegals stream through the border.
Oh, and don’t forget the rather obvious attempt to test out “universal income” with nonstop unemployment, despite the economy beginning to rebound. Much to authoritarian leftists’ dismay, particularly those who just love to lockdown everyone. Massive revenue is also needed from somewhere to continue paying people not to work.
Unsurprisingly, it looks like Biden has finally gotten around to doing what the Democrats do best: Tax more, spend even more; tax even more, spend even more; and repeat again and again and again.
Too bad that Biden has to take things to the extreme, again, by proposing the largest tax hike since 1993. What wonderful news for companies and individuals when the economy is just beginning to pick up once more.
Under this plan, Biden is expected to significantly increase corporate tax rates, as well as individual rates for those making $400,000 or more per year. Furthermore, Biden is also expected to increase capital gains rate taxes, further eating into wealth that someone has worked hard to accumulate for themselves, their families, and their communities.
After all, Biden’s tax plan isn’t directly attacking innumerable heirs and heiresses; instead, it is assaulting business owners and those who provide economic lifeblood to other Americans in the form of jobs, as well as desired products and services.
And while the nonworking leftists may cheer about the fact that “the rich” are getting hit with taxes, they might think a little differently the next time they swoop into a 7-11 to buy cigarettes or roll up to the petrol station to purchase gasoline.
Adding additional taxation to businesses ultimately means that the real bottom line, consumers, are hurt. Businesses will increase prices to offset paying more useless tax to the federal government, and job-seeking individuals will find fewer opportunities available as businesses will hire fewer people.
In other words, for politicians who are clearly averse to the study of economics, it would be useful for them to research all the “dead weight losses” repeatedly associated with taxation, which effectively means that they strangle the economy for no coherent reason. Curiously, a core economic concept never uttered by some elitist Ivy League “economist” who “advises” economically illiterate liberals.
Most hilariously of all, this tax hike is presumably designed to balance a supposed imbalance between “work and wealth,” according to Biden’s illustrious former economic aide, Sarah Bianchi.
“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 … That is why the focus is on addressing the unequal treatment between work and wealth.” [Source: News Max]
Interesting perspective, Ms. Bianchi. Except quite a few Americans receiving the benefits of these tax revenues (for that matter, non-American illegal immigrants) do not appear to have put in the requisite “work” needed to acquire “wealth.”
On the contrary, they’re screaming for reparations and everything else under the sun all while refusing to work, attend school, and all the other activities that are necessary for a highly prosperous economy.
Which is precisely why more than one conservative has spoken out about the proposed tax increases, including even Mr. McConnell, who has decided to shift his focus away from Trump for once, though he didn’t sound as convincing as possible.
“We’ll have a big robust discussion about the appropriateness of a big tax increase.” [Source: News Max]
Interesting news, McConnell. Let’s hope that “big robust discussion” actually leads to somewhere useful. Like beyond a “discussion” and into action.
Fortunately, other conservative commentators on Twitter, clearly those who are less concerned with appearing politically correct, called out Biden’s plan for exactly what it is (heavy dose of sarcasm included).
“Wow what a great idea—let’s hike taxes while our American families are struggling to recover from a global pandemic, after eliminating near 50k energy related jobs overnight and while gas prices creep near $4/gallon. Brilliant.” [Source: Townhall]
Brilliant, indeed. Brilliantly flawed.
One can only hope McConnell and others prevent the Democrats from further upending Americans’ lives, and one can only really hope that Trump and his allies truly will swoop in and save America.