The Democrat-Socialists in Congress, still shaking with rage from the refusal of Senator Joe Manchin (D-WV) to toe the partisan line, are scrambling to salvage a Tax bill from the smoking wreckage of the farcical “Build Back Better Bill”. Through this method, they’re attempting to resurrect some of the most egregiously socialist and redistributive tax and spending provisions from their disastrous fever dream. You are not going to believe what they’re trying to keep in!
Check this out from The Washington Examiner, and realize that this is just the start,
“— A new tax break for contingency fee expenses for trial lawyers, costing $2.5 billion
— A tax deduction for union dues on top of the regular standard deduction, at a cost of $1.7 billion
— A new tax credit for media companies to help them pay journalists’ salaries, costing $1.67 billion
— A $12,500 tax credit for people earning up to $500,000 a year to buy electric cars, at a cost of $9 billion
— A $900 tax credit to buy an electric bicycle, costing $4.2 billion. And a tax break for commuting to work on a bicycle or a scooter, at a cost of $200 million”
Let’s Break Down This Disastrous Tax Bill
The Biden-Harris regime is pumping the IRS’ Funding up by $80 Billion to hire a small army of 87,000 new agents and gives them $45 Billion to cover tax enforcement, such as audits and investigations which is a whopping 2,300% increase year-over-year. But wait it gets worse, if you’ve made money through freelancing or the gig economy, they’re coming after you now.
According to Fox Business,
“President Biden and Senate Democrats are also trying to insert bank account snooping back into the bill, which would give the IRS new power to automatically access bank accounts, Venmo, Paypal, and CashApp account inflows and outflows for all business and personal accounts with more than $600 in total deposits and withdrawals for what it describes as a “comprehensive financial account reporting regime.” This would inevitably increase audits on taxpayers making less than $400,000 per year.”
Oh yeah… that promise that taxes wouldn’t increase at all for families making less than $400,000? Consider that bald-faced lie exposed.
“Some American business owners would face tax rates in excess of 50 percent. This is the last thing they need,” said Republican Leader on the House Committee on Ways and Means Rep. Kevin Brady (R-TX) in Tuesday’s Republican Meeting titled “Democrats’ Tax Hikes Crush American Small Business.”
What Rep. Brady is referring to are the “$800 billion in tax hikes on American businesses, including a 15% domestic minimum tax on “book income” that would disallow important, pro-growth tax deductions.” It will even include the 15% global minimum tax that will make American companies less competitive to those overseas. And these tax increases are not as Democrats claim targetted solely at “large, profitable corporations” but at the owners and operators of small to medium businesses which employ millions of Americans. Millions of Americans who likely won’t see a salary increase next year to keep pace with inflation, or that promotion they’ve been gunning for… because Biden and the Democrats are standing on their necks.
Grover Norquist wrote, “The Joint Committee on Taxation estimates that 25% of the corporate tax falls on workers while the Tax Foundation estimates that 70% of this tax is borne by labor. Similarly, a 2020 study by the National Bureau of Economic Research found that 31% of the corporate tax falls on consumers through higher prices.” Who does this tax increase hit? All of us. They’re coming after ALL OF US.