(UnitedVoice.com) – During the 1988 Republican National Convention, presidential candidate George HW Bush declaratively stated, “Read my lips. No new taxes!” It was a promise he didn’t keep, and the former president paid the price for his error four years later. During the 2020 presidential campaign, and even in mid-March, Joe Biden said if you make less than $400,000 “you won’t see one single penny in additional federal tax.”
Those words could come back to haunt him. However, unlike Bush, who genuinely had no plans to increase taxes, Biden will raise middle-class taxes. It was his plan all along. How do we know? It was in the Democratic platform that Biden created last summer. Unfortunately, the president knew he was lying to America when he promised no new taxes on the middle class. He just needs to hide how he does it to cover his tracks and hope he doesn’t get caught.
It seems the genie is out of the bottle.
Selling Tax Increases to Give More Money Away
On Wednesday, March 31, Biden is expected to propose a new infrastructure package. Of course, much of it isn’t an infrastructure bill at all. Instead, it’s a $3 trillion Green New Deal giveaway to the far-left, including building housing and schools, free community college, and child care. As House Speaker Nancy Pelosi (D-CA) once said, we’ll have to wait until they pass the bill to see what all is in it.
Democrats say they don’t want to use as much debt to finance their wishlist projects. Instead, they want to raise revenues. That means more taxes, and guess who will end up paying for it? It won’t just be those making over $400,000. Sure, they’ll be taxed as well, but Biden won’t be able to pay for the Democrats spending spree solely on their dime because there isn’t enough money there to go around, especially with a nearly $30 trillion debt heading to an estimated $50 trillion in the not too distant future.
How Will Biden Try to Hide Your Tax Increase?
Biden is already planning several ways to break his promise not to raise a single cent of taxes on the middle class. Here’s just a few we know about at this point from either the campaign or recent comments by Democrats:
- A $200 registration tax on firearms
- An ambitious overhaul of retirement accounts that would increase taxes on those earning over $80,250
- A tax on unrealized capital gains passed after death (i.e., increasing the death tax)
Then there is the charade of raising taxes on corporations. Here’s the dirty secret – corporations don’t pay taxes. They are tax collectors.
Any guesses who they are collecting taxes from?
They are collecting taxes from customers, shareholders, and employees, of which the majority are in the middle class. So, if you’re in the middle class, you can expect to pay more for virtually everything and have less money in your bank account.
Obama 2.0 – But Worse!
Of all the ways to tax the middle class, the corporate tax is the sneakiest of all. We’ve been there and done that before. Under former President Obama, America’s corporate taxes were the highest in the world at 35%. It helped contribute to the slowest economy in US history. In fact, Obama never saw 3% economic growth in any year during his presidency. He was the only president to earn that distinction. In 2016, a historic high of 96 million Americans wasn’t participating in the labor workforce.
Thanks to former President Trump, the corporate tax rate is now competitive at 21%. Does anyone remember all the bonuses, raises, and increases in wages across the board before the pandemic? That’s the impact of lower corporate taxes.
Biden is taking America to Obama 2.0, a definite step backward, but it could be worse as the country will need years just to recover from the pandemic’s consequences that Democrats unleashed on the nation, which the president will most likely try to hide behind.
Will he get away with it?
It depends on how much the GOP fights back.
Don Purdum, Independent Political Analyst
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