When massive government spending happens, tax increases are inevitable. All the left-wing social programs that are loved by Democrats so much don’t just pay for themselves. The big, bold reform that Democrat leaders promote also doesn’t come without a price tag.
President Biden and his administration are very much aware of this. Yet, the link between government spending and higher taxes isn’t slowing down this president in the slightest. In fact, the recent passing of the American Rescue Plan is only firing up the Biden administration to push for packages that are even more expensive than $1.9 trillion.
Of course, Democrats in Washington D.C. need a way to pay for all this. According to Newsmax, this is why Biden plans to increase corporate taxes and individual tax rates.
Footing the Bill for Wasteful, Reckless Spending
Earlier this month, Treasury Secretary Janet Yellen openly stated that increasing taxes is a necessary measure for Democrats to pass the legislation of their preference. Biden’s next big spending package after the American Rescue Plan is expected to amount to more than just $1.9 trillion dollars.
As a means of preparation for this, Democrats are looking to first pass measures that engender higher corporate taxes and individual rates. As the left looks to raise taxes on Americans amid an economic crisis, they’re claiming that these tax surges will help take on climate change and income inequities.
So Biden is planning to raise taxes to the highest level in 28 years to pay for Pelosi’s 1.9 trillion favors to her friends. No wonder she needs that razor fence around the Capitol. Our money’s on the other side of it.
— Randy Quaid (@RandyRRQuaid) March 15, 2021
A former economic aide of the president stated that Biden wants a “fair” tax policy. Aside from raising the corporate and individual tax rates, the Democrat president has other measures in store. These measures include broadening the reach of the estate tax, surging capital-gains tax rate for particular high earners, etc.
An Assault on Economic Prosperity
The Biden administration’s assault on economic prosperity is undeniable. In his presidency thus far, Biden has shut down union jobs and is now looking to hike taxes at one of the most inopportune times.
Since @POTUS took office, average gas prices have risen by $0.54 per gallon – a 24% jump. Biden’s policies are already making life more expensive for families and businesses in Florida and we know that he, @SenSchumer and @SpeakerPelosi will raise taxes the first chance they get.
— Rick Scott (@SenRickScott) March 9, 2021
Additional Biden-backed policies, such as the $15 federal minimum wage, would also put even more people out of work due to layoffs and business closures. Not a single policy to come from the current White House administration thus far is in keeping with economic prosperity.
What do you think about Joe Biden’s plans to raise taxes in order to fund his expensive spending packages? Let us know in the comments section below.