Publisher's Note: One of the most significant things you can do to promote Liberty is to support our mission. Please make your gift to the 2021 Year-End Campaign today. Thank you! —Mark Alexander, Publisher

Nate Jackson / March 16, 2021

Who’s Up for Paying Higher Taxes?

Joe Biden’s handlers have a plan to “pay for” even more federal spending.

As President Joe Biden and President-in-Waiting Kamala Harris embark on a tour of the country to inform us all just how popular their $1.9 trillion Not-COVID Relief legislation really is, there are rumors swirling that the bill for that bill is coming due. That’s right — stay tuned for the biggest tax hike in three decades.

Of course, we warned during the campaign that Biden-Harris intended to “roll back” the Republican tax cuts of 2017, so this isn’t unexpected. And technically, the tax hike isn’t being floated to pay for the pandemic bill; it’s for more spending coming down the pike.

Bloomberg broke the story: “Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source.” Tax hikes would hit the higher brackets as well as the corporate rate, likely raising it to 28% from 21% — making corporate taxes 33% higher than they are now. (Many news stories are getting this wrong and saying it’s only a 7% increase.) Remember too that many small businesses pay the highest individual rate, which would likely rise back to nearly 40%.

It’s never a great time to jack up tax rates, but nothing says “reopen the economy after a pandemic” like telling businesses “here’s your bigger tax bill.” One might almost begin to think this is an orchestrated economic disaster.

This also isn’t just about revenue, as if somehow Democrats have suddenly found religion on balancing the budget. After all, even liberal projections expect only $2.1 trillion in additional revenue over 10 years, which wouldn’t even cover the deficit this year. Moreover, that revenue claim is based on the errant assumption that a massive tax hike on businesses won’t change economic behavior.

“For the Biden administration,” adds Bloomberg, “the planned changes are an opportunity not just to fund key initiatives like infrastructure, climate and expanded help for poorer Americans, but also to address what Democrats argue are inequities in the tax system itself [emphasis added].”

Fact-check: The tax system is definitely inequitable, by design. Contrary to Democrat talking points about a “fair share,” high earners already pay the vast majority of taxes.

Treasury Secretary Janet Yellen won’t rule out Elizabeth Warren’s wealth tax, either. “President Biden during the campaign proposed a higher tax rate on corporations, on individuals and on payments, capital gains and dividend payments that are received,” she said, “and those are alternatives that address — that are similar in their impact to a wealth tax.” Yellen also said a wealth tax is “something that we haven’t decided yet and can look at.”

Democrats hope to sow division by stoking envy as a way to increase the popularity of paying for all the spending they’ve done. Unfortunately, it’ll work with millions of Americans, because Democrats have willing propagandists in the Leftmedia. But make no mistake: Tax hikes always hurt economic growth. It’s just a matter of how well the economy can cope with a blow like that while it’s trying to regain footing after the pandemic.

Start a conversation using these share links:

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!

★ PUBLIUS ★

“Our cause is noble; it is the cause of mankind!” —George Washington

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2021 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.