Congressional Democrats have put forward a massive tax hike plan that they claim will only soak the very wealthy. That may sound popular to people who think that refers to someone else, but as Grover Norquist explains at the link, it will affect everyone negatively.
It not only raises taxes on people making less than $400,000, in violation of Biden’s campaign promise, but it will raise business taxes higher than those in Europe and even communist China. That will impact hiring and expansion, and encourage the return of businesses moving overseas and taking their jobs with them. It will impact 401K retirement plans, inheritances, capital gains and the prices we pay for most products, especially our electric and gas bills. The only upside Norquist sees is that it will probably lead to a GOP Congress that will put the brakes on more socialist insanity.
He also makes a great observation that voters in swing states and districts should take to heart: there are no “moderate Democrats” in the House or Senate. There are Democrats from moderate districts and swing states. They might say they oppose runaway taxing and spending. But every last one of them voted over and over to keep advancing the $3.5 trillion spending orgy through Congress.
Here’s another analysis of the Democrats’ tax plan showing that wealthy residents of blue states like California, New York, New Jersey and Hawaii could end up paying a combined tax rate of nearly 60%.
Not that they actually would, of course. They’d probably move to Texas or Florida, and then start giving a lot of money to leftist politicians so they could ruin those states, too. But as bad as this tax plan is, thinking of all those wealthy liberals having to fork over 60% of their income to the wasteful, oppressive politicians they did so much to help elect would be heartwarming if the rest of us weren’t also having to pay for their dumb political decisions.