Posted on 11/10/2021 11:10:08 AM PST by Red Badger
Party doubles down on signature legislation despite anti-tax sentiments voters just expressed in this month’s elections.......
The Democrats nearly lost the New Jersey governor's race last week, a close contest in which high taxes was a central issue. Despite that near-death experience, Democrats in Washington are redoubling their efforts to pass their nearly $2 trillion budget reconciliation bill, which is expected to sharply raise top average tax rates nationally, especially in historically blue states.
The Tax Foundation estimates that the social spending bill is going to drive the "average top tax rate on personal income" up to 57.4%, which would be the "highest rate in the Organisation for Economic Co-operation and Development (OECD)."
New York, California and New Jersey would have the highest combined federal-state tax rates after passage of the reconciliation legislation in its current form, according to the organization.
"Raising the top marginal tax rate on ordinary income to the highest in the OECD will damage U.S. competitiveness," the Tax Foundation warned. "It will also reduce incentives to work, save, invest, and innovate, with broad implications for the U.S. economy."
New Jersey currently has the highest property taxes in the country. The tax burden was a top issue in the governor's race in New Jersey, in which incumbent Democratic Gov. Phil Murphy claimed victory in a tight race over GOP challenger Jack Ciattarelli, who has not conceded yet. Murphy is in the lead by about 3 points with roughly 70,000 provisional ballots yet to be counted.
The Democrat-led Congress is moving closer to passing the $2 trillion social spending bill, formally called the Build Back Better Act, which creates new social programs and expands existing ones like Medicare. The bill recently passed a procedural hurdle in the House.
The Committee for a Responsible Federal Budget has estimated that the existing version of the proposed legislation will lead to about $200 billion of deficit increases over 10 years. While the Biden Administration projects that the legislation will cost $1.75 trillion, the CRFB estimates that it will cost $2.4 trillion.
President Biden and congressional leaders continue to claim that the proposed bill is fully paid for with tax increases on wealthy individuals and families.
How many republicans will break and give cover to democrats from less blue states?
Let’s go Brandon.
Instead of things like the “do you believe in miracles” Olympic hockey victory, these days our USA can have the biggest inflation since three decades ago and the highest income tax around.
Brandon got us to Number One at something.
We spent trillions to pay for people not to work and play video games.
How does that get paid back?
It gets ‘paid back’ by paying off immense debt to China with hyperinflated dollars....................
Why would China accept that, rather than in hard assets?
Which they are demanding BTW.
Really? I had not heard about that. Doubt going to happen but interesting if they are actually trying for it.
The Belt and Road plan.
China warned the then Obama Administration NOT to hyperinflate the currency. Biden is doing it anyway.
War will be the result................
They won’t pay for it.
Their money is tied up in Complex Trusts and they don’t pay those rates.
I say we rename it..
The “screw you and the horse you rode in on “ act.
At least then it would be honest...
The Democrat party has morphed into Communist Party USA.
The Demoncrat Party has BEEN the Communist Party USA for years. They’ve just come fully out of the closet now for all to see.
The rich, who usually don’t pay income taxes anyway, will find a way around this. It is the middle class, the upper middle class, business owners, and people working hard to become rich who will suffer. It’s always this way. The super rich get most of their income via investments and by other means. They shield a lot of income from taxation via their “noble” foundations and by other means. Biden’s plans will turn the US into a third world country by eliminating the middle class. There will be an wealthy elite running things and a large underclass struggling to get by. Welcome ot Venezuela.
Welcome to Zimbabwe....................
No, they just took their masks off........................
Very true. It won’t be long and we’ll all be billionaires. Too bad a loaf of bread will cost a million, and you won’t be able to find any in the store.
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