Posted on 07/28/2022 7:01:49 AM PDT by PJ-Comix
Since we are now OFFICIALLY (although some in the liberal media won't admit it) in a recession the last thing needed is a tax increase. Yet a series of tax increases is what is in Joe Manchin's revived Build Back Broke bill as admitted by Morning Joe acting host Willie Geist and his guest Jake Sherman, the co-founder of Punchbowl News.
PING!
She’s probably been brought on board through some kind of deal in order to push this thing along. JMHO
So we are going to raise taxes, and raise interests rates, and prevent domestic energy production. Do you think that it will work??
My wish is for 4 Dem Senators to get Covid...but I bet they're not even going to test DEMS for the next 10 days.
In order to fight inflation, money must be taken OUT of the system, higher taxes are one way of achieving that.
In this particular case higher taxes might be the right thing, although there are better ways to taking money out of the system.
Increase taxes & stagflation will result.
I thought we’d already established this.
exactly, I agree.
But a recession is what HAS to happen to stop inflation, which is the REAL threat and FAR worse than a recession.
As long as the government refuses to curtail their spending, yes. But reducing the size of government while loosening it’s grip on the private sector by reducing taxes and regulations would have the same effect without the pain.
I know, fat chance of that happening.
Dems say no dissent voiced at caucus meeting BUT Sinema wasn’t there. “Sen. Sinema wasn’t joining us at this point,” Stabenow said, adding the senator “cares deeply about things in the bill.”
Sinema has previously expressed concerns about taxing carried interest, which is in bill— Manu Raju (@mkraju) July 28, 2022
Part One - “In order to fight inflation, money must be taken OUT of the system”. I think you are absolutely right.
Part Two - “higher taxes are one way of achieving that”. I don’t think that is correct. Higher taxes transfers private wealth into the government (public) coffers where it is multiplied (inflated) and returned in higher spending. It is a self-destructive loop. And the worst sin of all is an increase in taxes on businesses and corporations. The cost of these taxes are immediately passed on to the consumers, making everything more expensive, thus inflationary. It is like pouring gasoline onto the dumpster fire that is our economy.
Might I suggest that another way of taking money out of the system is by reducing public spending. The effect is deflationary without necessarily directly impacting the consumer.
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