Control of Congress is at stake next November.
But bad news is on the way for Democrats.
And that’s because Joe Biden revealed a nasty surprise for every American’s bank account.
Joe Biden just signed a nearly two-trillion-dollar blue state bailout bill into law.
Now Democrats are talking about another multi-trillion-dollar payoff bill to Democrat constituencies.
This so-called “infrastructure” bill will serve as a catch-all for Nancy Pelosi, Chuck Schumer and Biden to pay off Big Labor, impose Marxist Green New Deal-style mandates and raise trillions of dollars in taxes.
During the campaign, Biden proposed four trillion dollars in tax increases that Biden claimed would not affect anyone making less than $400,000 per year.
But some of the tax hikes the Democrats are proposing will attack small business owners.
And every tax increase on the table will result in less money or job opportunities for Americans for one reason or another.
Bloomberg reports Democrats are discussing these increases:
- Raising the corporate tax rate to 28% from 21%
- Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships
- Raising the income tax rate on individuals earning more than $400,000
- Expanding the estate tax’s reach
- A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)
The point of taxes is to raise revenue to fund essential government services.
But according to Joe Biden’s former economic advisor Sarah Bianchi, Joe Biden looks at the tax code as a tool to enact left-wing social engineering policies.
“His whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens,” Bianchi said in an interview with Bloomberg. “That is why the focus is on addressing the unequal treatment between work and wealth.”
Even Biden’s proposed tax increases on corporations and small business owners will filter down to all Americans.
Corporations will pass along the tax increase to consumers in the form of price increases and small business owners will cut back on hiring.
Joe Biden’s proposed multi-trillion-dollar tax increase is the biggest tax hike since Bill Clinton’s 1993 tax scheme.
Democrats lost control of the House of Representatives for the first time since 1948 following Bill Clinton’s tax increase.
The economy is still recovering from the coronavirus lockdowns that Joe Biden and the Democrats supported.
Trillions of dollars in tax increases threaten this recovery.
And that could create a toxic political environment for Democrats in next November’s midterm elections.
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