Biden’s on-the-table $3.5+ trillion “Build Back Better” so-called infrastructure package expands the child tax credit, provides paid family leave, an expansion of ObamaCare, even a hefty electric vehicle tax credit. Lots of freebies and not just for the needy, explains The Wall Street Journal’s “Entitlements for the Affluent: The Sanders-Biden Bill Is Full of Subsidies for the Upper Middle-Class.”
As for who’s going to pay this largess, the government plans to raise taxes on corporations and those earning $400,000 and more. Not you, though, of course not, even though the Joint Committee on Taxation says that more than 16% of taxpayers will see their taxes go up.
Not so, however, according to White House Press Secretary Jan Psaki. In response to a reporter’s question about said report, she said, “There are some—and I’m not sure if this is the case in this report—who argue that, in the past, companies have passed on these costs to consumers. I’m not sure if that’s the argument being made in this report. We feel that that’s unfair and absurd, and the American people would not stand for it.
Doubling down on that notion, Speaker of the House Nancy Pelosi recently said, “It’s not about a dollar amount. The dollar amount, as the President said, is zero. This bill will be paid for.”
Talk about a good soundbite…
Meanwhile, on September 30, the House of Representatives passed a bill suspending the U.S. debt ceiling which currently stands out $28.5 trillion and amounts to $86,000 per citizen, $228,000 per taxpayer.
The national debt is so high that the federal government will spend $300 billion this year on interest payments alone. In other words, almost 9% of all the money the federal government collects and amounting to more than $2,400 per household.
- According to the Congressional Research Services report, Biden may owe up to $500,000 in back taxes. That’s because, in 2017-18, he and wife Jill made about $13 million on speaking fees and book sales but counted less than $800,000 of it as salary that could be taxed for Medicare.
- New York Democrat Representative Alexandria Ocasio-Cortez recently attended a Met Gala where individual tickets cost $13,000 and tables started at $275,000. Emblazoned on the back of her dress: “Tax the Rich.” (By the way, her Congressional salary is $174,000 a year.)
- According to IRS 2018 data, the top 1% of earners paid more than the bottom 90% combined—paying 40% of all federal income taxes. The bottom 50% paid less than 3%.
- The Pew Research Center finds that 60% of families making less than $30,000 a year favor bigger government and more spending.
Know, too, that, in 2020, we taxpayers paid:
** $1.3 trillion in federal withholding taxes for social security and Medicare.
** $43 billion in gasoline and diesel taxes.
** $10 billion in taxes on alcohol.
And expect to pay more, as higher taxes are sure to follow for lots of folks despite the “zero” talk. Writes columnist Byron York, “… By the end of the year, Democrats will likely have pushed through between $5 trillion and $6 trillion in new spending… And it will be because of their ability to take advantage of that brief ‘lend me a hand’ moment in 2020.”
And, according to the Committee for a Responsible Federal Budget, if those COVID funds had, instead, been sent directly to America’s 143.3 million taxpayers, each would have received a check for $46,000. If sent to every American, each would have received $18,000.
As for that 3.5+ trillion “Build Back Better” plan now in the works., says Democrat outlier, Senator Joe Manchin: “At some point, all of us, regardless of party must ask the simple question—how much is enough? Suggesting that spending trillions more will not have an impact on inflation ignores the everyday reality that America’s families continue to pay an unavoidable inflation tax… America is a great nation, but great nations throughout history have been weakened by careless spending and bad policies. Now, more than ever, we must work together to avoid fatal mistakes so that we may fulfill our greatest responsibility as elected leaders and pass on a better American to the next generation.”
But is anyone in power listening?
~ With many thanks, Carol