Democrats Roll Out a New Tax Plan — Here’s How It Will Affect You

If history has taught us anything it is that Democrats and tax increases always go together.

Determined to push through the large and record-breaking $3.5 trillion spending bill that is little more than a liberal grab bag (not to mention the anti-white discrimination buried within such as the recent prevention of white farmers from getting covid-19 relief checks), House Democrats announced their tax hikes this week to justify their massive price tag.

Democrats outlined their taxation proposal, which features top individual and corporate tax rates of 39.6% and 26.5%, respectively, and a 3% surcharge on personal income higher than $5 million and a capital gains tax of 25%, as reported by CNBC.

In effect, the proposal goes toward undoing the Trump tax cuts which were passed in 2017.

The network said it is “not clear how much the tax increases would go up and if the new revenue would offset the complete investment in social programs,” though The Washington Post has said the tax plan “would increase $2.9 trillion in new revenue and taxes predominantly targeted toward wealthy Americans, corporations and investors.”

For what it is worth, there are thousands of small businesses that make more than $5 million per year.

And while the tax package is being called “the highest increase in U.S. history,” Democrat Congressman Richard Neal, Mass., chairman of the House Means Committee, responds that the planned tax increase will “expand opportunity for Americans.”

“On Tuesday, we will go on with our work on the Build Back Better Act with a consideration of investments to give support to families, create clean energy development, reinstate Build America Bonds, and help Americans’ afford health care,” Neal said in a comment.

The bill has to get through the Senate, and Democrat Senator Joe Manchin, W.Va., said recently that he was in not in a hurry to back the bill since “it makes no sense at all.”

“We do not have an urgency. Don’t you believe we ought to discuss it a little more, see what we have there?” Manchin said on “Meet the Press.”

Author: Steven Sinclaire