Speaking of economic suffering, the list of tax hikes being hidden by the tax committees, though it has been starting to leak out today, is unbelievable.
Of course, we knew of the centerpiece policies of corporate taxes, international taxes, capital gains taxes, individual taxes, small business taxes, estate taxes, all that stuff has been out there for quite a while. It’s a tax assault on business and investment that will cripple the economy, generate higher inflation, and be paid for mainly by the blue-collar middle-class workforce.
Wait, though, there’s more. In a desperate revenue search, the Senate Finance Committee is looking at a stock buyback tax, a corporate alternative minimum tax, and a tax on so-called high salaries.
Not to mention a tax on CEO pay disparity, a tax on unrealized capital gains, a tax on carried interest, an end to the 20% small business deduction, a tax on estate planning, limits to active business losses, a tax on so-called mega retirement accounts, new bank reporting requirements for all depositary inflows and outflows, a plastics excise tax, a carbon tax, a fossil fuel tax, and what amounts to an international tariff on carbon emissions.
Now, the sum total of all this — call it the sum of all our fears — is to inflict major damage on the economy and the middle-class workforce, and investors. There will be consumer price hikes. Leading economic models have already scored this. Now the Democrats are adding to the tax damage.
That doesn’t include additional measures that will be hidden in a 10,000 page bill — features like illegal immigration amnesty, unionization via the so-called Pro Act, which stands for Protecting the Right To Organize Act. And we haven’t even gotten to the Green New Deal.
This is the Democratic wishlist to transform America by exponentially raising the welfare state and exponentially punishing the productive side of the economy. This is a dodging regular order to give big government socialism a humongous boost and bury free enterprise capitalism.
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Yes, of course these rats aren’t telling anybody.
They’re going to overwhelm us with this, submerging us completely into the swamp of socialism.
We’re worse off now than the colonies were with the monarchy, taxing us for tea.
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