"So here’s their plan.
Spending Everything
Democrats are planning three massive spending bills, each roughly $2 trillion, over the next ten years.
Biden’s first annual budget would
spend an unprecedented $6 trillion, about 25.6 percent of America’s economic output, a cost not imposed on Americans since World War II. The goal is to make this scale of spending the new normal.
Taxing Everything
Democrats are threatening $3.6 trillion in higher taxes.
They aim to increase the capital gains tax to 40.8 percent, twice China’s and the highest since Jimmy Carter in 1977.
They would also hike the federal corporate income tax from 21 percent to 28 percent. Given that the average state and local corporate income tax is roughly 6 percent (and fully deductible from federal income taxes), most businesses will be hit with a marginal combined corporate tax of 33 percent, ten points above the European average of 23.5 percent and eight points higher than communist China.
Biden plans to take away the “step up in basis,” a hundred-year-old feature of the U.S. tax code designed to protect family farms and small businesses from being crushed by taxes at the end of each generation. Today, as for the past hundred years, when parents died, the children would assume the farm/business with a cost basis at the time of death. They would
not pay capital gains taxes on the increased value (greatly augmented by inflation) of the family business during their parents’ lifetime."
What is the modern Democrat Party doing? And why? The Democrat leadership understands that unless they change the rules for the economy and elections, their party will not just lose control of Congress in 2022 as they did with Clinton in 1994 and Obama in 2010. No, they’ll lose their…
spectator.org
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