What’s Happening:
Democrats have a tough row to hoe. They want to spend tax dollars like a kid with daddy’s credit card.
But how do you do that—without raising taxes?
President Trump scored a major win in 2017 by cutting taxes. It led to record employment and wage increases.
Democrats can’t reverse all that (even though they want to), during a pandemic. So, what are greedy leftists to do?
Force through a $1.9 trillion spending bill that nobody had a chance to read. And stick in it massive tax cuts for companies that create jobs and keep the nation afloat.
From Fox Business:
Democrats snuck a handful of surprise tax hikes on corporations in President Biden’s sweeping coronavirus relief package that combined are worth more than $60 billion.
One provision in the $1.9 trillion stimulus bill limits deductions for publicly traded companies that pay their top employees more than $1 million for tax years beginning after 2026. Another extends a cap on how much certain unincorporated business owners can deduct against their non-business income to reduce their tax liability, and the third clamps down on how multinational corporations do their taxes.
Biden’s bill includes $60 billion in new taxes against corporations. You know, those big companies that employ millions of Americans?
Why do people think Democrats are “pro-business” or “pro-capitalism”? They always seem to hurt companies they second nobody is looking.
The taxes they snuck into the spending bill were needed so they could force their reconciliation scheme. But they put a huge burden on major companies.
The tragedy, of course, is that when big companies are hit with new taxes, they pass the burden onto the rest of us.
Companies will be forced to lay off workers, increase prices, or reduce their products and services. Some will withdraw even further from the United States, moving operations (and jobs) overseas.
Democrats thought they could pull this one over on the American people. “Hey, we’re not talking you,” they cry. But they ignore the fact that these taxes will hurt all of us.
And for what? A measly $1,400 check? That check has big strings attached, doesn’t it? (Forgetting the fact that many Americans won’t even see it.)
The only silver lining is that some of these increases won’t go into effect until 2026. Perhaps things will change enough between then and now, that we can reverse this damage?
Key Takeaways:
- Secret taxes snuck into the $1.9 trillion COVID bill have been revealed.
- Democrats want to hit corporations with an increased $60 billion tax bill.
- They needed to do this, to prevent Republicans from filibustering their bloated package.
Source: Fox Business