Wednesday, September 15, 2021

Who Pays For Dems' Plan To Spend Trillions To ‘Stimulate' Economy? Hint: Not The Rich

The Dems' plan, on paper at least, claims to collect about $2.9 trillion from the wealthy and corporations, mainly by raising tax rates on high-income families from 37% to 39.6%, corporate tax rates from 21% to 26.5%, and by jacking up the capital-gains tax rate from 20% to 25%. Another $900 billion or so will come from the vague category of "Taxpayer compliance," which seems to indicate a more aggressive IRS, and from letting Medicare directly "Negotiate" - that is, extort - steep cuts in drug prices by pharmaceutical companies.

A new report from the Joint Tax Committee shows that the Biden-Democrat spending plan breaks his promise not to tax anyone under $400,000 income.

First, let's dispose of the idea that the rich will pay all these taxes.

The reason? Despite the left's propaganda to the contrary, the so-called rich already pay a far bigger share of total taxes than anyone else.

The rich won't just sit still and have more money taken from them.

The point is, if the rich can't pay for all this extravagance, how will you pay for it?

Higher capital gains taxes will also hurt middle-class workers, not the rich.

https://issuesinsights.com/2021/09/15/who-pays-for-dems-plan-to-spend-trillions-to-stimulate-economy-hint-not-the-rich/ 

No comments: