President Joe Biden’s plan to put in place the first major tax hike in America in the last 30 years is going to be facing some tough opposition from Republicans who believe this proposal is ripped right from the pages of the left’s ideology of wealth redistribution and would make any recovery in the post-COVID economy very hard.
Biden and congressional Democrats intend to push a new major bill that could potentially be aimed at infrastructure, jobs, or climate, the Hill reported. News of the legislation comes on the heels of the passage last week of the $1.9 trillion COVID -19 package that ensured stimulus checks for many Americans and funding for a host of other non-pandemic Democrat priorities.
“This is not about revenue,” Turner stated. “This is about their social agenda. You know, when you look at our economy, where we’re just recovering, and we may be coming out of the COVID lockdown, this is not the time to raise taxes. You don’t stimulate the economy then take money from the economy … That’s because this is not about revenue. This is about their philosophy that companies have too much money.”
As part of the coming bill, Biden is planning the first major tax hike since 1993, a boost that could include an increase in the corporate tax rate and the individual rate for individuals earning over $400,000 per year.
The changes would likely include the repeal of parts of former President Donald Trump’s 2017 tax cut legislation and could include a 7-point percentage increase in the corporate tax rate, from 21% to 28%, an expansion of the estate tax, and a raise in the capital gains tax for people earning more than $1 million per year.
During a press briefing on Monday, Press Secretary Jen Psaki stated that Biden is committed to his pledge not to raise taxes on folks who are making under $400,000 a year. She said that the plan is geared toward making sure that all the rich folks pay their “fair share.”
The real question is who decides what “fair share” means? How much is this “fair share?” The elites get to decide. And it will always favor them.