Skip to comments.Biden, Democrats Planning for Trillions in Tax Increases
Posted on 06/01/2020 4:37:16 AM PDT by LibWhacker
Striking a contrast to the Trump administration, Democrats behind Joe Biden's campaign believe higher taxes on the wealthy and corporations will not slow economic recovery, planning "significant income redistribution" as soon as 2021, The Wall Street Journal reported.
Democrats want to store the taxes on the wealthy and corporations in order to bring more revenue for government spending in the wake of coronavirus impact payments and bailouts, per the report.
"It's all the more important to protect the retirement and security of working [people] and make sure the wealthy pay their fair share," Sen. Ron Wyden, D-Ore., who would become Finance Committee chairman if Democrats gain control of the Senate, told the Journal. "We'll be ready to go in January of 2021."
President Donald Trump has promoted his once-thriving economy as benefiting from the 2017 tax reform bill that cut corporate taxes, spurring business investment and growth. Biden wants to return to the Obama administration's tax policies, including raising the corporate tax rate up from 21% to 28%, per the report.
(Excerpt) Read more at newsmax.com ...
... AND ... They are adding millions daily to pay for the riot damages. Remember Rahm’s advice about not letting a crisis go to waste?
You don’t think they just realized how much in debt they’ve put US(A) in and want to rectify it???
Nah, I didn’t think so either. They only want to TAKE IT ALL
Like that IRS fake short form had:
1) Enter how much you made
2) Send it in
In other words, the Democrats intend to continue the looting in a Biden administration.
No need to raise taxes.
Just keep printing money, and inflation will reduce costs of pensions, debt payments, etc.
You’ll need wheelbarrows of cash to buy bread, but that same wheelbarrow-full will pay off a year of Social Security.
Any state bailouts should be las oans, with the loans Being backed and secured by state-owned, readily marketable and salable/developable collateral such as desirable real estate that would be immediately sold upon any default. The current true market value of the collateral should be at least 50% greater than the Current loan principal, and the interest rate should be Prime +2%. Term should not exceed 15 years for repayment. States must each bear their own responsibility for their fiscal decision making.
It was part of the plan from the start. Take money from those evil rich and give it to the failures who vote democrat. Only it won’t work. There are not enough rich people. This means high taxes on normal people.
Yes, Mondale and the Democrats had similar plans after the 1984 election, and we all know how that turned out. 49 states for Reagan, and 520-something electoral votes.
Yes, and more luxurious private jets and second (third--fourth) homes for themselves!
That should pretty much finish us off.
Biden’s campaign believe higher taxes on the wealthy.
Wealthy = Anybody with a job
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