How many times have Democrats asserted over the years that passing one or the other of their monstrous spending bills will reduce the debt by requiring bad affluent people and even more evil large businesses to “pay their fair share”? I am aware; I am also unable to count that high. And how often did those massive spending plans truly bring down the deficit? Thankfully, I can count up to zero.
What is the “secret”? Democrats are great at boosting taxes and government spending but purposefully bad when it comes to cutting taxes and reducing spending.
Let’s not forget that redistribution of wealth has been the essential tenet of Democratic fiscal policy for more than 60 years. George Benard Shaw, an Irish playwright and socialist, stated that a government that steals from Peter to pay Paul can always count on Paul’s support. There it is, then.
Democrats always raise taxes, which results in higher prices for goods and services or more taxes on workers making less than they were promised. And what about that “fair share” nonsense? First of all, wealthy people are already paying a disproportionate amount in personal income taxes. Secondly, who decides what constitutes “fair share”? (This is a rhetorical question.)
“In a proposed budget that he claims will cut the deficit by $2 trillion during the next decade (blah, blah), as The Hill reported, Biden is set to formally propose a number of tax increases on wealthy people and corporations, setting up what is sure to be a contentious battle for the Republican-majority House.
From The Hill, here is more
“A plan to increase the Medicare surtax on unearned and earned income over $400,000 from 3.8% to 5% was presented by the White House on Tuesday.”
“At the end of last month, the president suggested a new tax on rich households that would levy a 20% tax on earnings and the unrealized gains of liquid assets like stocks on families and individuals that are worth more than $100 million.”
“The administration is also anticipated to call for a quadrupling of the share buyback tax, which was part of the Inflation Reduction Act that Dems. approved last year on party-line votes through the Senate and House. A 1% tax was imposed by that law on company stock buybacks.”
Biden is anticipated to reintroduce two key components of his 2021 Build Back Better agenda: an increase in the corporate tax rate from 21% to 28% and a rise in the top marginal income tax rate from 37% to 39%.
As reported by The Hill, Senate Minority Leader Mitch McConnell said to reporters:
“You are aware that the president’s budget is filled with proposals for drastic tax increases and increased expenditure if they had the power to do so – thank heavens the House is Republican. The American people may thank the Republican-controlled House for blocking Biden’s planned tax increases.”