Democrats have used a line on the American people for decades, “we only want to tax the wealthy who need to pay their fair share.” It has been a patent lie, taxes have risen for all Americans, but the media covered for them, encouraging them to get away with it.
If the Democrats, led by AOC, wanted to tax the rich, they would seize the property of wealthy individuals like Bezos and Zuckerberg. They could make Pelosi sell her second refrigerator and force her husband to sell off 50% of his assets. American upper-class people pay a more significant percentage of taxes in the US than wealthy citizens do in other nations. But that is a function of their total income, and using corporate deductions prevents many wealthy individuals from being harmed by taxes.
The real problem is how the taxes, debt, and inflation shift the burden to the middle and working classes who pay for the funding of government contracts by the wealthy employees of corporations and the public sector and create a dependent lower class. It is what happened in France before the French Revolution. And we remember how well that went.
Liberal Democrats using the anti-President Biden as a red herring want to expand taxes and supposedly target the rich who do not pay a reasonable portion of federal taxes.
None of these expert agencies are non-partisan. They all have a plan of some kind.
The Committee for a Responsible Federal Budget (CFRB) attempts to spin the tax increase with historical comparisons. They estimate that revenue to the government would increase by $4.3 trillion over the next ten years. It will be an additional 1.7% of forecasted GDP if these fools have any idea what our economy will look like. Did they predict that our nation would be locked down due to a pandemic?
The Tax Foundation estimated that federal revenue would increase by $301 billion in 2021 and $3.6 trillion from 2021 to 2030. It would be an additional 1.44% of GDP for 2021 and 1.39% more. They think it would be a significant increase but not too big. Great, thanks! We have no reason to base our assessment of this rampant tax and spending plan on their desire to blow sunshine.
The Organization for Economic Cooperation and Development has pointed out that the top 10% of American families pay around 33.5% of taxes. The Joint Committee on Taxation and the Congressional Budget Office said that the 2017 tax breaks helped Americans keep more of their own money.
Further economic estimates state that the bottom 20% of workers paid 7.5% of their income in federal taxes. Does that make sense? Considering that these individuals are below the poverty line and receive large subsidies from the federal government, they got back much more than they put in.
The Democrats have some convoluted plan that supposedly increases taxes on 400 individuals earning more than $400 million and the 2.8 million families that make more than $400,000. It is the 4 x 400 plan (forget the math, Democrats don’t worry about it).
Family businesses across this country can be very successful, but this revenue goes to pay expenses, and retained earnings do not make them rich in NYC and LA. Many of these individuals are targeted by this crafty budget ploy.
But the Democrats are not done yet. They also promise to eliminate the cap on the state tax exemptions, SALT. They want to give Nancy Pelosi’s friends tax breaks in blue states and thus raise the effective rate on hard-working Americans across the country. For example, a family farm in Montana may pay an effective tax rate higher than hedge fund managers in Connecticut.
That is Democrat class warfare at its finest. When Democrats raise taxes on corporate income, employee wages and retirement plans suffer.
Democrats will not touch the Alternative Minimum Tax changes they guffawed about in 2017. These tax breaks benefited investors. It proves that they do not want to tax the rich. Instead, they are running a con as a ploy to increase taxes across the board.