In Brief: Things to Know About Dems’ Tax Hikes
They’re waging class warfare against “the rich,” but they’re hitting the middle class.
The Democrats are coming for your wallets, we warned a few days ago. Their pitch for tax hikes are broad, sweeping, and guaranteed to hit millions more Americans than Democrats are willing to admit.
The Heritage Foundation’s Matthew Dickerson and Richard Stern outline eight things the Democrat plan does, with a preface:
Congressional Democrats … finally unveiled the legislative text of the largest tax increase in more than 50 years.
It weighs in at more than 880 pages, so it’s no wonder they have attempted to keep the details of the so-called “Build Back Better Act” under wraps.
It Violates Biden’s Pledge, Hiking Taxes on Earnings of $50,000+
It Hikes Individual Tax Rates, Makes Marriage Penalties Worse
It Raises Taxes on Pass-Through Businesses
It Increases Taxes on Capital Gains
Its Corporate Tax Rate Is Higher Than Communist China’s
It Penalizes International Trade
It Includes a Massive IRS Slush Fund
It’s Corporate Welfare, Central Planning Through Tax Code
Dickerson and Stern explain all of those things of course, including Joe Biden violating his pledge “that his tax package would not increase taxes on people earning less than $400,000 per year.” It hurts marriage, small business, small investors, big corporations, and consumers. And it does so all while providing $79 billion “that would effectively be a slush fund six times the IRS’ entire annual budget.” The goal is to grow the welfare state.
“These taxes will strike at the heart of your ability to live in a free and prosperous society,” the pair conclude. “Make no mistake, the blank check proponents want will have your signature at the bottom.”
Read their whole assessment here.
Meanwhile, The Daily Wire’s Ben Johnson points to seven ways Democrats plan to raise taxes on people making under $400,000 — again, violating Biden’s repeated promise.
ATF firearm registration
Reinstating the Obamacare penalty
Carbon tax on home heating and cooking
Methane fee
Plastic tax
Cigarette tax
Inflation
Targets include the obviously hated American gun owner, and anything to do with the ostensible battle to fight climate change. Expanding the healthcare state is in there too. Regardless, Johnson says, “Biden and his fellow Democrats would let the IRS squeeze more revenue out of working people.”
As for inflation, the Wire quotes Henry Hazlitt, who explained:
Inflation is a form of taxation. It is perhaps the worst possible form, which usually bears hardest on those least able to pay. … It discourages all prudence and thrift. It encourages squandering, gambling, reckless waste of all kinds. It often makes it more profitable to speculate than to produce. It tears apart the whole fabric of stable economic relationships.
The article is subscription only, but it’s here.
The bottom line, again, is that Democrats have no intention of stopping their confiscation with “the rich.” They’ll hit you every which way and sideways to fund their massive welfare state expansion.
