11/15/21-Biden Taxation

Democrats, now Progressives are known by their critics as the party that taxes and spends. Or, rather they spend and then tax.

 

And of course, the ruse this party uses is first and foremost:

 

TAX THE RICH.

 

Defining the rich, who they are and how much they make, seems to be a constant exercise. For some reason, the Democrats now indicate that you are rich if you make more than $400,000 a year. That is you and your family combined. Where that number came from no one really has any idea.

 

The Democrats claim that any taxes they wish to impose will not affect the so–called Middle–Class, whoever they are, and any family unit making $400,000 annually or less will get no tax increases. Critics label that as nothing more than Progressive mumbo–jumbo, or in other words, a flat out LIE. And that is indeed, nothing more than just another big political falsehood.

 

Democrats are determined to tax and spend as much as they possibly can, raising at or about $5 Trillion dollars in order to pay for their massive and expansive programs for Paid Family Leave, Climate Change Provisions (buckets of green money) and Public Education among others. If $5 Trillion dollars are needed in brand new taxes, you can be quite sure that the Middle–Class and those making less than $400,000 annually will pay more in taxes, and in some cases, significantly more.

 

Massive taxes and tax increases are yet another way to control WE THE PEOPLE. The less spendable income we have, net after taxes, the less freedom we have and the more control government has. Whatever the social objectives, massive tax increases are just another step in the movement of America toward socialism. And that of course is the end of the democracy that we know and love, characteristic of America for almost 250 years.

 

Democrats are determined to raise the corporate income tax from 21% to 26.5%. That sounds as though it would have little effect on the American people, but in fact it does. Tax increases don’t fall on corporations, but rather on consumers with higher prices, shareholders, investors and corporate workers themselves. At the bottom line, no corporation ever pays more taxes but somebody else always does.

 

Higher taxes always trigger higher prices, fewer jobs and lower wages. It erodes value for the life savings of Americans by reducing the value of stocks in brokerage accounts or in 401(k) plans. It inevitably results in higher utility bills. The Democrat–Progressive tax increase plan will impose as much as a 95% excise tax on medicines and healthcare policies. The proposed new taxes will produce a new economic tsunami which, again, will result in massive government control. There will be new regulations, many more of them, a much more powerful and pervasive IRS, far more auditing and intrusion on private capital and small businesses, and the considerable increase of federal power over the states. That new power would especially be true in the realm of education. Any of our fifty states which accept government funding will be subject to brand new and pervasive federal government regulations and control. God help America for it sure seems as though the Republicans can’t!

 

Republican federal Senators, fifty of them, now seem fully united in their opposition to this disastrous and massive trillion–dollar tax increase proposed by the Progressive Democrats. Fortunately for our Country, and for Conservative and Right–thinking Americans, there are two Democrat Senators who are against these massive proposals as well. They are Senator Joe Manchin from West Virginia and Senator Kyrsten Sinema from Arizona. They know, like Republicans and Conservatives too, that these proposed tax increases will be a disaster for America. Not only the taxes themselves, but there is waste, pork, and so much opportunity for personal–state projects and special funding for organizations like Planned Parenthood and similar organizations. Slush funds will abound and the pet projects of Democrats and the Biden Administration will be heavily favored. The Progressive Left derides Mr. Manchin as merely a “fossil fuels” Senator. They have harassed and even threatened Senator Sinema, doing everything possible to pressure her into supporting this radical spending. Neither has been intimated and they stand firm in their strong economic beliefs. In fact, that let the Wallstreet Journal to say of Senator Manchin:

 

WEST VIRGINIA SAVES AMERICA.

In defining the rich, the top 10% of American households earn about 34% of all earned income. However, those so–called rich Americans, the 10%–ers pay more than 45% of all income taxes, 45%! And that includes Social Security and Medicare payroll taxes. It is easy to identify the obvious rich. We all know about the infamous Bill Gates, Jeff Bezos, Tim Cook, Dorsey, Pichai, Warren Buffet and others. The Democrat proposal would raise the earned income tax top–rate to 39.6%, a mere drop in the bucket to these billionaires. TAX THE RICH fails miserably because the uber–wealthy, including the top 400 earners in America know and use every existing strategic tax planning device to lower their taxes. They react as follows:

 

  1. They donate large and even larger amounts to charity.
  2. They purchase tax–exempt municipal bonds.
  3. They invest in economic enterprises like solar and wind energy.
  4. They invest in low–income housing.

 

Among many other tax saving investment devices. Some economists indicate that the so–called rich may even pay less taxes as the new taxation emerges than they do now.

 

Democrats also propose to eliminate the provisions which prevent the deduction SALT taxation (state and local taxes) which would provide an enormous tax advantage to the wealthy especially. Billions upon billions of dollars would be lost in federal income if the right to utilize those deductions is restored, again the rich benefiting the most.

New spending will occur. And, lots of it. This new spending, however many trillions it turns out to be, will result in massive new taxation, and you can be sure that you, however much you make, will pay more. In the long run, the real tax burden for these enormous expenditures and this incredibly increased debt for America will in fact fall upon the so–called Middle–Class.

 

YOU should fight back. You should resist. You should go after your federal Senator or your State Representatives in the House of Representatives. You should join other good tax organizations which fight this massive destruction of the American economy and take back Washington D.C., take back the control of our Country by electing public officials who care about America and its economic future, and YOURS. If you are willing to pay more taxes, abide by more regulations, live by more federal control and with the loss of individual freedoms, and if you are willing to watch the Progressive advance of socialism in our Country, YOU DO NOTHING.

 

But real Americans will stand up, and strong, and forever and will not accept this economic takeover of the world’s greatest Country. I hope and I pray that you are:

 

ONE OF THOSE TRUE AMERICANS!