LIST: Tax Hikes in the Dems' $3.5 Trillion Plan

- Increasing the corporate tax rate from 21 percent to 28 percent, which will be passed along to working families in the form of higher prices, fewer jobs, and lower wages. This will give the U.S. a combined state-federal rate of 32 percent, higher than our foreign competitors including China, which has a 25 percent corporate tax rate.

- At least 2 million small businesses will get hit by Biden’s tax hikes. This includes over 1.4 million small businesses organized as c-corporations, family-owned farms impacted by the repeal of step-up in basis, and pass-through organizations which would be hit by the increase of the top marginal income tax to 39.6 percent.

Raising the corporate income tax rate will hit Americans with higher utility bills as the country tries to recover from the pandemic. Customers directly bear the cost of corporate income taxes imposed on utility companies. Investor-owned electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. Therefore, if Democrats raise the corporate tax rate, they will have voted to raise utility bills. [Americans for Tax Reform has compiled 300 examples of utilities passing tax savings along to customers.]

- Doubling the capital gains tax to 43.4 percent, a rate more than double China’s capital gains tax.

- Taking away step-up in basis and imposing a second death tax by taxing unrealized capital gains at death. This will disproportionately fall on family-owned businesses. Taking away step-up in basis has already been tried and failed. In 1976, Congress eliminated stepped-up basis, but it was so complicated and unworkable that it was restored in 1980.

- Imposing a 15 percent minimum tax on “book income” that will disallow the use of important deductions and credits that help promote job creation and economic growth.

- Increasing the top income tax rate to 39.6%, a tax increase that will fall on small businesses. As noted in a recent Senate Finance Committee report, "... in 2016, only 42 percent of net business income in the United States was earned by corporations, down from 78.3 percent in 1980."

- New taxes on American energy including a tax on manufacturers based on their methane production and a carbon border tax. These tax increases will be passed along to families and businesses in the form of higher prices.

- Creating a 21 percent global minimum tax, higher than the 15 percent global minimum tax the Biden admin is pushing other countries to enact. Because existing law denies foreign tax credits, this could see businesses pay a top rate of 26.25 percent.

- Repealing the deduction for foreign-derived intangible income, a tax cut that encourages businesses to house their intellectual property in the United States.

$80 billion in new IRS funding to hire 87,000 new agents. This would allow the IRS to audit and harass small businesses and American families for an additional $787 billion. It would hire enough new IRS agents to fill Nationals Park twice.

It would help implement the Biden plan to create a new comprehensive financial account information reporting regime which would force the disclosure of any business or personal account that exceeds $600.

Not only would this include the bank, loan, and investment accounts of virtually every individual and business, but it would also include third-party providers like Venmo, CashApp, and PayPal.

New IRS funding will also be a boon to the union that represents IRS employees. This union, the National Treasury Employees Union (NTEU), shovels 97 percent of their money into Democrat campaign coffers.

IRS employees also regularly perform union work on the taxpayer’s dime. In 2019, 1,421 IRS and other Treasury Department employees spent 353,820 hours of taxpayer-funded union time (TFUT), costing the federal government $17.27 million.

Déjà vu, Overnight Nancy Pelosi Changes House Rules to Pass Green New Deal $3.5 Trillion Spending Package While Everyone Distracted by Afghanistan

August 24, 2021 | Sundance | 3 Comments

If you remember how Barack Obama and Nancy Pelosi forced former Representative Bart Stupak and the 19 Blue Dog democrats to cave on the Obamacare construct in 2010, then you have a solid reference point for what Joe Biden and Nancy Pelosi are doing right now.

As you are reading this Nancy Pelosi has pulled together her leadership group overnight to change the House rules for legislative passage of the $3.5 trillion Green New Deal spending package under the auspices of “infrastructure.”

This $3.5 trillion spending bill is in addition to the $1.5 trillion infrastructure bill that came from the Senate, and… she is using the $2 trillion budget package as the carrier for a slick “Deem and Pass” maneuver.

As we have seen before, right now Pelosi is changing the House rules to have a single vote on the current budget proposal which will include a ‘deem and pass’ provision that adds the $3.5 trillion Green New Deal spending package to it.

By voting to pass the omnibus budget bill, all House members will also be voting to authorize as passed the additional $3.5 trillion GND as a wraparound.

This means one single vote passes this massive social engineering project with more than $5.5 trillion in spending in a single bill. Thereafter the House will vote on the Senate bill separately to add another $1.5 trillion, bringing the total spending by the House before they depart to a whopping $7 trillion; forever changing the American landscape.

After several hours of discussion and conference with a group of 10 ‘moderate’ democrats led by New Jersey Representative Josh Gottheimer, shortly before 1:00am ET Pelosi sent the House Democrats home with a pledge to finish the rules changes and prepare for a vote today, Tuesday. The House will reconvene at noon and the votes will be whipped.

Politico has a breakdown of some insider details surrounding Pelosi’s negotiations with Gottheimer [SEE HERE]. However, in the final analysis it looks like Gottheimer and his ten moderate colleagues are going to end up doing the same thing as Bart Stupak and the Blue Dogs did with Obamacare. Which means they will likely cave and approve the bill and procedural changes.

WASHINGTON DC – […] Several of the moderates were particularly incensed by a wonky maneuver that would wrap consideration of the ground rules of debate and the budget resolution itself into one vote, rather than the original plan that required two votes to advance the spending bill. After a few of them balked at Pelosi’s initial offer, Gottheimer returned for his second round of meetings with leadership and then shuttled back to his fellow centrists. (more)

Democrats are by nature totalitarian dictators and just like Bart Stupak, Josh Gottheimer is being threatened by Pelosi and House leadership if he doesn’t go along and get his group to vote in support of Pelosi’s massive scheme. All indications are this group of moderate democrats will not hold up against the massive onslaught of pressure from the leftists now in control of the party.

In the aftermath of ObamaCare Bart Stupak (Michigan) and the entire 19 member blue-dog caucus were wiped out in the 2010 mid-term election; however, by then ObamaCare was cemented. Democrats actually lost a total of 63 seats in the U.S. House (biggest crushing defeat since 1938) and lost 6 seats in the Senate. That was the political cost to Democrats, but they won their government takeover of healthcare and college tuition.

The $3.5 trillion Green New Deal/Socialist takeover plan is tracking along an almost identical path to ObamaCare. Schemes, rule changes and parliamentarian tricks used to get passage ‘by any means necessary‘.

Georgia Republican Representative Barry Loudermilk (GA-11th CD) attempted to send an urgent clarion call for help last night. WATCH:

An Urgent Message from our good friend Rep. Barry Loudermilk.

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