Posted on 03/18/2021 11:02:17 AM PDT by Kaslin
The front-page headline in Monday's Wall Street Journal said: "Biden weighs how to pay for Agenda." Who purchases something they know they can't afford, and then worries about paying for it later? Only government.
After less than two months in office, President Biden and a majority Democrat Congress have engaged in record spending with insufficient money to pay for it. That may be about to change.
Bloomberg.com reports the president wants to raise individual income taxes, as well as taxes on corporations (and expand the estate tax) to pay for another round of spending on infrastructure and programs and policies dear to liberal hearts. We are already hearing the mantra Democrats have used for decades to justify tax hikes: The rich must pay their "fair share." They never tell us what is fair, or the amount of confiscation they wish to impose. It is always a moving target.
As mentioned in previous columns, the federal government does not lack revenue; it lacks self-control when it comes to spending. Some Democrats are even talking about the return of earmarks, those add-ons to legislation that Republicans voted to ban when they had a House majority. Democrats think they can revive them to tempt GOP members into going along with their spending plans.
Unrestrained by a Republican majority in either house of Congress, or a Republican president, Democrats have the votes to push legislation through, at least until the 2022 election, showing little concern for voter anger. It doesn't matter to them that the Trump tax cuts produced tremendous economic results for businesses that then create jobs and hire workers. Democrats cling to the false notion that more spending and higher taxes solves everything. If it did, would it not have by now?
The left - and that is what today's Democratic Party represents- believes that by spending more it can addict more people to government, enhancing the careers of politicians. In various ads and fundraising appeals over the years, Democrats have claimed that electing Republicans will lead to canceled Social Security checks and other government benefits. They never speak of individual responsibility, liberty, or the proper role of government. Oh, how we need term limits, but that would mean career politicians would have to vote for them, which they will never do.
Democrats will likely begin with raising corporate taxes, because they have been successful in portraying corporations as evil and greedy. Trouble is, those corporations hire people and employees also pay taxes, contributing to economic growth. If corporations must pay more in taxes, they are less likely to hire and layoff current employees. Anytime is a bad time to raise taxes but raising them while people are still struggling with the consequences of government shutdowns is immoral.
The Washington Post said this about raising the corporate tax rate: "Some tax experts, business groups and Republican lawmakers say raising the rate could damage U.S. competitiveness. Countries around the globe have both recently and over the past several decades joined the United States in reducing tax rates to attract corporate investment... The average tax rate among countries is 24 percent, according to the Tax Foundation, a right-leaning think tank. Just last year, nine countries, including France, lowered their corporate tax rates."
The current federal corporate tax rate is 21 percent. Former President Trump cut it from 35 percent. As we emerge from the pandemic, it should stay at 21 percent and President Biden should keep his hands off the money we earn.
What's needed is a nonpartisan panel to conduct a top-down review of all government spending, eliminating waste and reforming programs that are outdated, or can be better done by the private sector. Don't look for Democrats to do that. It isn't their nature. Republican hands aren't clean when it comes to spending, either. Voters not addicted to government will have to demand more fiscal responsibility. As with nations of the past, massive debt and high taxes have contributed to national decline.
Taxes are now just a means to check inflation, while MMT money printer go brrrrr.
The best way to get rid of a corrupt tax and spend pro gun control homo everywhere race baiting limousine socialist celebrity government is to strictly enforce it.
What’s needed is a nonpartisan panel to conduct a top-down review of all government spending, eliminating waste and reforming programs that are outdated, or can be better done by the private sector.
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Never happen. Both parties love big government.
A Democrat has one thought about legislation,
“Can I make some easy money from it?”
>>Who purchases something they know they can’t afford, and then worries about paying for it later? Only government.
Sadly, not just the government - it’s a very large % of the population as well.
Look at all the student loan whiners for example.
For me, it's a BIG deduction, 20% of gross.
So, when the corp rates go back to 28% (?), I fully expect my QBI to be cut in half too. Nice. And no, I'm not in the 400k+ club.
Fear of the Lord is the beginning of wisdom, but step two is realizing the US is not a Norman Rockwell painting.
We have no representative government any more. Politicians are just in it for themselves. We the people are just ATM’s for the Democrat cockeyed schemes.
It has been done before and ignored. Name of latest group escapes me at the moment but Rush used to quote it often.
well I hope everyone enjoys your covid stim.....this time around we are apparently “too” rich to get anything....which is totally changed this yr since I retired....
80+ million Americans supposedly “voted for” this stupid jackass and all his filthy socialist/communist ilk. Most popular vote in history, they say.
So to those 80+ million brain-dead that voted for this clown show, all one can say is enjoy the screwing y’all gonna get.
Unfortunately, the rest of us have to put up with the consequences of your dumb-azz actions. But hey, at least the “orange man bad” is gone. /s
“This is the Deal Hiden Biden,” is waiting for his puppet masters to tell him the Deal.
Many of those Bidet voters were dead—they had nothing to lose!
Do the math.
1.9 TRILLION will be paid back by 143.3 MILLION taxpayers.
That's about $13,000 each.
Ya better not spend that $1,400 you're getting foolisly.
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