Biden’s ‘Infrastructure’ Plan to Fleece the Nation
He boasts that it will be “the moment that America won the future.”
The nation is quickly approaching $30 trillion in debt. The government has spent something in the order of $10 trillion over the last 18 months, including $2 trillion less than a month ago. So what’s the Democrat plan? Spending another $2 trillion on “infrastructure” — the first of two big proposals totaling $4 trillion — and slapping a bunch of taxes on all Americans to “pay for it.”
“No one making under $400,000 will see their federal taxes go up. Period,” President Joe Biden lied on Wednesday. “This is not about penalizing anyone.”
About that… Biden’s so-called “American Jobs Plan” features massive tax hikes that are the biggest since Bill Clinton in 1993. He disguises this, of course, as merely rolling back some of President Donald Trump’s tax cuts for the “wealthy” and big corporations, but the reality is small business owners are going to be clobbered, as will all consumers. Businesses don’t pay taxes; people who buy their more expensive products do.
That means you.
As the Wall Street Journal editorial board aptly puts it, “Mr. Biden’s corporate tax increases will hit the middle class hard — in the value of their 401(k)s, the size of their pay packets, and what they pay for goods and services. This damage won’t show up immediately, especially as the economy booms as Covid eases this year, but the corrosive impact will compound in the coming years.”
Biden aims to fleece corporations for $1.5 trillion over 10 years by raising the corporate income tax rate to 28% from 21%. But he doesn’t account for just how much the 2017 Republican tax cuts fueled economic growth and how much jacking up taxes will hurt that growth, thus reducing the tax revenue he says it will bring in. To the contrary, Biden and his party insist that government is the primary driver of economic growth.
And Biden’s solution for pushing the U.S. back toward the world’s highest corporate tax rate? Get other countries to hurt themselves by agreeing to a global minimum.
Speaking of unity, the American people are generally in favor of fixing roads and bridges so that we have a smoother driving experience. So, despite the cost, $2.25 trillion for infrastructure should make everyone happy in the end, right? Well, the total amount spent on actual roads and bridges is a mere $115 billion — just 5% of the total. Outside of a few billion for airports and waterways, the rest is more of the same old leftist agenda: Bail out unions and subsidize green energy.
How do we know it’s a union bailout? Just look at one provision: overturning right-to-work laws in 27 states. That will force millions of workers to pay union dues, even in states that declared they have a right to work without doing so.
Mass transit will get $85 billion, and Amtrak gets another $80 billion — even despite $70 billion for these things just last month. Another $174 billion goes to subsidize electric cars, which, ironically, means more drivers won’t pay the very gas tax that’s supposed to fund infrastructure. Still another $100 billion goes to retrofitting schools (again, after massive education spending in the Not COVID Relief bill), and $213 billion pays for “affordable” housing. And on and on it goes.
Yet Alexandria Ocasio-Cortez said what many Democrats are thinking: “This is not nearly enough.” It never is.
“President Trump talked about draining the swamp,” said former White House economic adviser Larry Kudlow. “But President Biden wants to re-build and re-inflate the swamp into a quagmire of central planning.”
By the way, this may be called the “American Jobs Act,” but that’s quite a stretch. As the GOP’s rebuttal noted, “A National Bureau of Economic Research study found that for every $1 million spent on green jobs as part of the 2009 Obama-Biden stimulus, only 15 jobs were created.” Biden killed a few hundred times that many jobs with his Keystone Pipeline edict.
Trump hammered Biden’s plan as well: “Joe Biden’s radical plan to implement the largest tax hike in American history is a massive giveaway to China, and many other countries, that will send thousands of factories, millions of jobs, and trillions of dollars to these competitive nations. The Biden plan will crush American workers and decimate U.S. manufacturing while giving special tax privileges to outsourcers, foreign and giant multinational corporations.”
Still, Biden promises bipartisanship. “I’m going to bring Republicans into the Oval Office, listen to them, what they have to say, and be open to other ideas. We’ll have a good-faith negotiation.” But we all know where that will lead — the same place it did with “COVID relief,” which was to totally ignore and outvote Republicans. After all, Biden says, “We have to get it done.”
And hey, Unity™!
- corporate taxes
- income redistribution
- Joe Biden
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