Democrats want a massive tax hike on everybody - including you, dear reader - if they can't get an even more massive tax hike on "The rich" and "Corporations" when Donald Trump's 2017 tax cuts expire next year.
Federal income tax revenues jumped nearly $100 billion in the first year after Trump's signature tax cuts went into effect and almost another $40 billion in 2019.
The tax man never merely cometh for "The rich." Washington has a spending problem, and Democrats aren't shy about how to solve it: tax us poor bastards back to the Stone Age.
The first is that Democrats have a desperate need to wipe out the Trump tax cuts because Orange Man Bad, although they hide it under the usual guise of "Taxing the rich." Advertisement Speaking at the Washington Center for Equitable Growth last week, Sen. Elizabeth Warren said, "Better to let all the Trump tax cuts expire than be accomplices to another slash-and-burn tax bonanza for America's billionaires." And while Democrats pretend to adhere to Presidentish Joe Biden's pledge not to raise taxes on anyone making less than $400,000 - a promise already broken - Dems continue to float trial balloons about doing just that.
The second issue is the Democrats' longstanding desire to impose an unconstitutional wealth tax.
"Wyden plans to run through the door on wealth taxes that the Supreme Court left open Thursday in its lamentable decision in Moore v. U.S." Advertisement Warren is already on board the wealth tax train, with threats of a 2% annual tax on the net worth of households with more than $50 million.
Like the income tax - which was originally sold as only falling on "The rich" - the real target of a wealth tax is the retirement accounts of regular Americans because as bank robber Willie Sutton is supposed to have said, "That's where the money is." What we learned from 2009-2011 and again in 2021-2023 is that if you give Democrats control of Capitol Hill and the White House, they will jack up spending into the stratosphere.
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