Tuesday, March 16, 2021

Biden Swings into Socialist Gear with Huge Tax Hike Plan; Plans Biggest Federal Tax Hike Since 1993 To Fund Infrastructure, Climate Initiatives, and related stories

AP Photo/Manuel Balce Ceneta
Biden swings into socialist gear with huge tax hike plan
President Joe Biden is plotting a course to bring on the biggest national tax hike since 1993. Why? He’s a Democrat. The Democrats control the House and Senate. That’s what Democrats do.
That and the desperate need to find money in a still-broken private sector economy.
Somebody’s got to pay for all this $1.9 trillion and then some stimulus that’s being handed to Americans as a means of keeping them home, away from work. Safe from that nasty 99% recovery-rated coronavirus. Right?
Looks like Peter is going to have to dig deep to pay Paul.
Today’s Democrats are really socialists with spread the wealth, redistribute the wealth mentalities. Their ultimate goal, of course: Consolidate the wealth in the hands of the few select chosen elites at the top.
Democrats won’t stop until America goes the way of Venezuela. --->READ MORE HERE
Biden Plans Biggest Federal Tax Hike Since 1993 To Fund Infrastructure, Climate Initiatives:
Households across the US rejoiced over the weekend as they received their first stimulus checks. And as BofA's team of analysts parses exactly how millions of Americans will spend this money (will they buy washing machines and toasters? Or dump it into crypto/GME?), Bloomberg is out with a chilling report alerting Americans to the inevitable reality that President Biden is about to switch gears from spending to fundraising.
Of course, we use that term loosely: Despite the fact that Biden just shelled out another $1.85 trillion to finance a third round of stimulus checks (not to mention hundreds of billions in handouts to states and municipalities), his administration isn't raising money to pay for that. Instead, they're looking to finance a Democratic "New New Deal".
Breaking with his former boss, Barack Obama (who signed legislation to make most of the Bush-era tax cuts permanent), Biden is embarking on what could be the biggest federal tax hike since 1993 (remember 'no new taxes'?) to finance an infrastructure plan, Biden's climate-change initiatives, health care and economic inequality.
Here's more from Bloomberg.
Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been increasingly clear that tax hikes will be a component - Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates - key advisers are now making preparations for a package of measures.

With each tax break and credit having its own lobbying constituency to back it, tinkering with rates is fraught with political risk. That helps explain why Bill Clinton’s signature 1993 overhaul stands out from the modest modifications done since.
Follow links below to related stories:

White House weighs tax hikes to pay for spending beyond $1.9T coronavirus relief package

Biden planning tax hikes on corporations, ‘wealthy’ to pay for progressive programs

Report: Biden Is Planning the First Major Tax Increase in 30 Years

Biden to risk political capital on tax increases

Biden not ruling out a wealth tax and believes the rich aren't paying enough, White House says

If you like what you see, please "Like" us on Facebook either here or here. Please follow us on Twitter here.

No comments: