DELRAY BEACH, FL – The Democrats, whenever they propose to revise tax laws, always point to the high earners as those that don’t pay their “fair share” of taxes. Is that a correct assumption? Well, let’s look at the tax revenues that are collected by the federal government. According to government statistics, the top 10% of taxpayers pay 70% of all income taxes collected. That doesn’t mean that all wealthy people and corporations pay taxes. Some do avoid paying taxes due to tax loopholes passed by both Democrats and Republicans. That could be avoided if the Congress could pass a law making people and corporations, who make a profit, pay a minimum tax.
Well, Biden’s “BBB” (Build Back Better) proposed legislation, if passed in the Senate and signed by the president, with its proposals to raise taxes, mainly on the successful and well-to-do, will that be the “straw that breaks the camels back” in our road to economic recovery from the “Chinese Virus” pandemic.
As much as the media and the Democrats try to pooh-pooh the Trump agenda, the facts seem to back up what Trump did was positive, and what Biden has done since his inauguration has been negative. Immediately upon taking office, Biden, out of vindictiveness and hate, canceled most of Trump’s executive orders, not because they weren’t working, but because he hated Trump and wanted to erase Trump’s legacy. A “fools errand” to say the least.
Biden’s claims that his “BBB” initiative wouldn’t raise taxes on anyone making less than $400,000. He actually claims that canard with a straight face. No matter how much he can tax the wealthy and corporations, he still wouldn’t have enough revenue for his Marxist/Socialist proposals that are championed by avowed Socialist and Chairman of the House Budget Committee, Bernie Sanders.
Now with a steady uptick in inflation (really a hidden tax on the poor and middle class), Biden and his fellow Democrats continue to say that the “BBB” spending programs will be fully paid for. You have to wonder if Biden and the Democrats think that some of us are stupid. I take that back, they don’t just think it, they don’t actually believe that some might be stupid, they think we all are stupid.
Common sense tells a person that if you spend more money than you have (by printing and borrowing) you will generate an inflationary reaction, that we are presently facing now. If the “BBB” bill is passed, it will make the present inflation spiral worse than it is now.
Why do the Democrats always seem to use their taxing power to push forward their Socialist agenda? It seems everything they want to fund is called an “investment”, when it really is a spending ploy to try to gain votes from the greedy public to gain their votes by giving “freebies” to attract the people who want something for nothing.
So, when Biden and the Democrats try to shove down our throats their social justice spending programs and “Climate Change” programs (the Green New Deal), which most reputable economists claim is are budget busters, and that by raising the taxes on the wealthy and corporations, to pay for their excess spending, it most likely will cause another recession. It is the vast middle class (which makes up approximately 80% of the population), that will be impacted the most, contrary to what the Biden Administration claims to be the case. One could conclude that the people in the Biden Administration are living in an alternate universe with their nonsensical economic policies. Unfortunately, most of the people in the inner circle of the Biden Administration are not from the business world, but from academia and the government bureaucracy. That ‘s the reason for some of the inane policies put forth by this incompetent administration. The off-year election of 2022 is one of the most important elections in our history, as a change in legislative leadership is needed to bring sanity back into our government.