Democratic-led House authorizes $3.5 trillion of spending as national debt climbs to $29 trillion

[The Purge]

justthenews.com ^

Pelosi was ultimately able to secure yes votes from nine moderate House Democrats for the resolution which expands the social safety net in the U.S. with new federal programs

Pelosi, overseeing the DEATH OF AMERICA... When do we stop this insanity?

 

[Moonglow]

When the wealthy stop buying the debt.

 

[The Purge]

LIST: Tax Hikes in the Dems' $3.5 Trillion Plan
Americans for Tax Reform ^ | Americans for Tax Reform


- Increasing the corporate tax rate from 21 percent to 28 percent, which will be passed along to working families in the form of higher prices, fewer jobs, and lower wages. This will give the U.S. a combined state-federal rate of 32 percent, higher than our foreign competitors including China, which has a 25 percent corporate tax rate.

- At least 2 million small businesses will get hit by Biden’s tax hikes. This includes over 1.4 million small businesses organized as c-corporations, family-owned farms impacted by the repeal of step-up in basis, and pass-through organizations which would be hit by the increase of the top marginal income tax to 39.6 percent.

Raising the corporate income tax rate will hit Americans with higher utility bills as the country tries to recover from the pandemic. Customers directly bear the cost of corporate income taxes imposed on utility companies. Investor-owned electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. Therefore, if Democrats raise the corporate tax rate, they will have voted to raise utility bills. [Americans for Tax Reform has compiled 300 examples of utilities passing tax savings along to customers.]

- Doubling the capital gains tax to 43.4 percent, a rate more than double China’s capital gains tax.

- Taking away step-up in basis and imposing a second death tax by taxing unrealized capital gains at death. This will disproportionately fall on family-owned businesses. Taking away step-up in basis has already been tried and failed. In 1976, Congress eliminated stepped-up basis, but it was so complicated and unworkable that it was restored in 1980.

- Imposing a 15 percent minimum tax on “book income” that will disallow the use of important deductions and credits that help promote job creation and economic growth.

- Increasing the top income tax rate to 39.6%, a tax increase that will fall on small businesses. As noted in a recent Senate Finance Committee report, "... in 2016, only 42 percent of net business income in the United States was earned by corporations, down from 78.3 percent in 1980."

- New taxes on American energy including a tax on manufacturers based on their methane production and a carbon border tax. These tax increases will be passed along to families and businesses in the form of higher prices.

- Creating a 21 percent global minimum tax, higher than the 15 percent global minimum tax the Biden admin is pushing other countries to enact. Because existing law denies foreign tax credits, this could see businesses pay a top rate of 26.25 percent.

- Repealing the deduction for foreign-derived intangible income, a tax cut that encourages businesses to house their intellectual property in the United States.

$80 billion in new IRS funding to hire 87,000 new agents. This would allow the IRS to audit and harass small businesses and American families for an additional $787 billion. It would hire enough new IRS agents to fill Nationals Park twice.

It would help implement the Biden plan to create a new comprehensive financial account information reporting regime which would force the disclosure of any business or personal account that exceeds $600.

Not only would this include the bank, loan, and investment accounts of virtually every individual and business, but it would also include third-party providers like Venmo, CashApp, and PayPal.

New IRS funding will also be a boon to the union that represents IRS employees. This union, the National Treasury Employees Union (NTEU), shovels 97 percent of their money into Democrat campaign coffers.

IRS employees also regularly perform union work on the taxpayer’s dime. In 2019, 1,421 IRS and other Treasury Department employees spent 353,820 hours of taxpayer-funded union time (TFUT), costing the federal government $17.27 million.

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BURYING UNCLE SAM, one coffin nail at a time.
DOES CHINA WRITE THIS SH!T?

 

[MarathonMike]

Strangely enough Dem Senator Kirsten Sinema might be the one to stop the madness.

 

[Moonglow]

The infrastructure and budget bill already passed the Senate and are about to be out of the House.

 

[Gabe Lackmann]

Wooooooooo!!! Party! More wetbacks and Covid welfare!

 

[ColonelAngus]

The communists in Congress claim that debt does not matter…yet they will not claim how much is too much.

$40 trillion?
$60 trillion?
$100 trillion?

You will never get an answer from the communists that infiltrated our government.

 

[Moonglow]

The communists in Congress claim that debt does not matter…yet they will not claim how much is too much.

$40 trillion?
$60 trillion?
$100 trillion?

You will never get an answer from the communists that infiltrated our government.

I never knew Trump was a communist, thanks for the 411...

 

[idb]

That's pocket change with all the savings now that the US has stopped invading other countries.

 

[Moonglow]

That's pocket change with all the savings now that the US has stopped invading other countries.

They have to spend current levels or they'll get a budget decrease so they ramped up the wars in Africa during Trump.

 

[Dragonlady]

justthenews.com ^

Pelosi was ultimately able to secure yes votes from nine moderate House Democrats for the resolution which expands the social safety net in the U.S. with new federal programs

Pelosi, overseeing the DEATH OF AMERICA... When do we stop this insanity?

You didn't see the national debt as a problem when Trump signed his 3.5 trillion deficit building tax cut for billionaires. Please stop pretending it matters to you now.

 

[The Purge]

You didn't see the national debt as a problem when Trump signed his 3.5 trillion deficit building tax cut for billionaires. Please stop pretending it matters to you now.

Please stop lying, everyone knows the TRUTH. AND YOU definitely AIN'T IT!...Pathetic POS!

 

[jasonnfree]

Republican and their base always bitching about spending by democrats even when a stimulus package will put people to work on this nation's ancient and dilapidated infrastructure. They never seem to bitch when their own party pushes through enormous tax breaks for the wealthiest of the wealthy and corporations.

 

[initforme]

This is no time to worry about the debt.

 

[BluesLegend]

Dems love to borrow and spend money. They are trying to pocket trillions before the American people can drop kick them in the groin in 2022.