Social justice has now crept into our tax code. Death and taxes used to be the two things that all Americans knew they could not escape. But is something else afoot with Biden’s new tax plan?
WEST PALM BEACH, FL – As far as presidencies go, adjustments to the tax code are part and parcel. Each new president either looks to complicate the tax code further, or push for reform. They might raise taxes on certain groups or advocate for tax deductions and relief.
First, let’s talk about the numbers. President Biden wants to “close the tax gap” through several different mechanisms. By padding the coffers of the IRS, Biden’s main argument centers on the fact that with increased revenue by way of taxation, gives Americans no guarantee. Biden’s administration reasons that an influx of cash by way of increased taxes will essentially pay for his $2 trillion infrastructure plan.
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However, there is one problem. We have never seen the United States government properly manage taxpayer money, so to assume that after nearly 100 years of taxing and then gross misspending will just disappear overnight because Joe Biden is President of the United States is foolish.
Over $80 billion dollars has been allocated in Biden’s new tax plan for additional resources over the next decade for enforcement personnel, updated IT, and other initiatives for the IRS. They claim it would yield a 4-1 ROI, which would be a literal miracle. Nearly 87,000 more FTE (federal task enforcers) would be added to the payroll over the next 10-years, which is how far out President Biden has mapped out his plan.
It also includes the age-old progressive policy of “tax-the-rich” and everything will be right in the world once again. As we have discussed before, the Obama-Biden administration tried this once before and all it did was drive wealth (taxable income mind you) out of the United States where it benefited foreign nations… not the American people. Jobs went with that wealth, decreasing the income of rank and file Americans, which decreased tax revenue.
As with any proposal or plan submitted by a POTUS, especially when it comes to the IRS, Biden is asking for the stars, realizing that his proposal will be shaved down before reaching it’s final form. However, with Democrats controlling all three branches of government, Biden’s tax plan could end up being supercharged by the progressive left.
This all but guarantees that social justice and woke cultural beliefs will be injected into the plan by the likes Alexandria Ocasio Cortez and socialist Vermont Senator Bernie Sanders.
With one of the most complicated federal tax codes in the world, do the American people really want it to become even murkier with such ideas that rely on things like critical race theory?
Food for thought.