The sky is the limit under the Biden Administration’s proposed tax hikes, which will ultimately reverse many of former President Trump’s 2017 tax cuts. President Joe Biden recently unveiled a massive $4 trillion infrastructure plan, which would include four tax increases estimated at $1.8 trillion. This has been a centerpiece around his ‘Build Back Better’ campaign which would focus on infrastructure investments and funding domestic policy areas. This is one way to bankrupt a nation – crashing markets, raising taxes, inflation, and printing money like this is a game of Monopoly.
“If Republicans have alternate ways to pay for it, we’re certainly open to hearing that. They don’t think they should pay for it? We’re open to hearing that, too. What we’re focused on is we have to invest in our infrastructure,” White House press secretary Jen Psaki told MSNBC’s ‘Morning Joe.’
The plan includes replacing electric vehicles, school businesses, and public transit. 50,000 diesel transit vehicles will be replaced by 500,000 electric vehicle chargers, electrifying at least 20% of the yellow school bus fleet, and investing $165 billion in public transit. The plan claims to ‘bring bus, bus rapid transit, and rail services to communities and neighborhoods across the country’ without elaborating which areas or how this would reduce traffic congestion for everyone.
The package also includes an additional $20 billion for protecting cyclists and pedestrians by claiming the funds would ‘reduce crashes and fatalities, especially for cyclists and pedestrians’ and $10 billion to ensure that workplace and job sites are ‘free from racial, gender, and other forms of discrimination and harassment.’
Despite passing a massive $1.9 trillion COVID-19 relief bill earlier this March, the newly proposed infrastructure plan also includes $30 billion in pandemic measures for additional investments in medical stockpile, testing, and research. How much money does one virus need with a recovery rate between 97-99.75%? Talk about a Trojan horse for government pet projects.
While former president Trump lowered corporate taxes to 21% so that people could create jobs, President Biden will be increasing them to 28% so that the government can create jobs instead. That would be the crumbling of capitalism and the middle class as we know it. Raising corporate taxes only makes the production of goods and services more expensive. In order to make ends meet, those corporations will then cut work hours and employees. This move by the Democrats only cuts non-government jobs out of the picture.
Biden’s tax hikes would also push the individual rate to 39.6% for those making over $400,000, as well as imposing a global minimum tax on profits from foreign organizations. Tax expert Timothy McGrath called the significant raise in individual rates a “significant disadvantage to married couples” and adds that this is nothing new in penalties regarding the tax system. When asked about the individual tax rates, Psaki said that the president believes this is the “responsible” thing to do overtime and would make the corporate tax code “fair.”
“So some of it is certainly infrastructure-shovel-ready projects, some of it is how do we expand broadband access, some of it is ensuring that we are addressing the needs in people’s homes and communities,” Psaki said.
President Biden will be speaking on a “range of components” that would address the needs of the American people nationwide, but Psaki would not elaborate on what some of the ‘infrastructure-shovel-ready projects’ actually were. “He believes that there’s more that can be done to reward work not wealth, to ensure that we invest in the future industries that are going to help all people in this country,” she adds.
One thing that is missing from the plan is transportation secretary Pete Buttigieg’s suggested mileage-based tax, which received opposition from both parties.
Overall, the bill would include more job losses in the energy sector, ban the right-to-work laws, raise taxes, mandate Green New Deal provisions, and increase the national debt. Any tax on corporations is nothing more than a tax on consumers. The ‘uber wealthy’ won’t pay for it and, instead, it will just be passed down to those buying the products. That is what destroys the middle class.