On Thursday night President-elect Joe Biden will describe some of his plans for multitrillion-dollar spending increases. Before long he’ll also tell us about his tax increases.
So first, the spending plan.
2. And then the Tax Plan
Team Biden is thinking of two big pieces of legislation. The first one will be funded entirely with borrowed money, at a time when publicly held Treasury debt is already approaching $22 trillion. As for the other bill, Mr. Tankersley writes:
3. A new report from the Tax Foundation says the Biden plan would impose the industrialized world’s highest income tax rate on business. Research from around the world says that wouldn’t be kind to workers, either.
Elections have consequences.
4. Enjoy your $1,400 checks, but then prepare for the hammer to fall.
5. Always remember, no matter what the rhetoric, there is only one primary source of payment for everything government does. It's not the rich (there aren't that many of them to sustain govt profligacy). It is not the poor (they have little money). It is always the middle class.
6. No matter how you slice it, there are less than a million people who earn more than $1 million a year and collectively pay 25% of the federal income tax.
But there are 121 million who earn $50K - $200K and pay 60% of the federal income tax. I call this the middle class.
7. So enjoy hallucinating that everything will be provided for by taxing the "millionaires and billionaires." The truth is it will always be the middle class that will bear the brunt, because that's where the numbers are.
8. Even if the government confiscates 70% of the income of the "millionaires and billionaires" it will not cover even half of the government spending, even before Biden's gusher of binge spending starts. After that, watch out. Middle class will be sheared to the bone.
The End
P.S. And regarding that Minimum Wage increase to $15:
The real minimum wage is always zero!
Democrats advocate for a minimum wage hike, because they count on the fact that those who get a raise will thank Democrats, whereas those who lose their jobs will blame the employers.
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You will never fully understand what happened on January 6, 2021, no matter how much you read and watch on the topic, UNLESS...
Every single action of what President Trump did and didn't do is viewed with an exact timestamp.
2. I am not evaluating Trump from an onlooker's point of view. I am evaluating him from his vantage point: What he knew, when he knew it, what he did, and what he didn't do. Fog of war applies to us onlookers. Trump had access to most of the relevant information in real time.
3. Fact:
At 2:11pm Mike Pence was moved to an undisclosed location.
That is not something that happens and the President is not immediately notified. Besides, that news was being covered on TV, and Trump was watching TV.
Trump Is Being Impeached For The Wrong Thing Because It Suits The Democratic Party Purposes
Did Trump commit an impeachable offense? Absolutely yes! But it was not anything he did up until 1:00pm on January 6, 2021. It was his dereliction of duty to protect the U.S. Congress.
And for that, Trump, and Trump alone, is responsible and must be held accountable. Impeaching Trump at this juncture is still irresponsible and diabolically opportunistic as an act of revenge. He deserves impeachment, but the nation does not deserve the senseless spectacle.
And this cannot be overstated. Pelosi and her gang are doing irreparable harm to our blessed republic by establishing an extremely harmful precedent, without due care and thoughtfulness, because their bloodlust exceeds their capacity to think right now.
Let's not forget that during 40 months of Trump's presidency, between Charlottesville and Jan 6, right-wing extremists were demonized incessantly while remaining mostly nonviolent, as Antifa/BLM were lionized even as they indulged in rioting, arson, and murder. Message received!
Unless the media and the Democrats curb their hideous and unearned preening, no progress can be made in addressing the clear and present danger of domestic terrorism.
Opportunistic attempts by Democratic leadership to recast terrorism as racism are diabolically irresponsible.
Just in case there is any confusion, let me clarify what I mean.
The crowd that stormed the Capitol last Wednesday was not a bunch of terrorists. I have no doubt most of them are upstanding Americans.
Liberals are about to find out that, contrary to what the media had indoctrinated them to believe, there aren't very many "Trump supporters" who care much about Trump the person. They mostly only cared about what Trump was able to do.
2. Once Trump is no longer in a position to do what he was and would have been able to do as President, not many "Trump supporters" care what liberals do to Trump. So all this 25th Amendment and Impeachment crap will draw nothing but a prolonged yawn from "Trump supporters."
3. Liberals can go knock themselves out. They will get no satisfaction out of it, because they won't get much of a reaction from "Trump supporters." Liberals will have to hire actors to LARP being outraged "Trump supporters" to preserve liberals' psyches.
I deem December 15, 2020 as the day Trump hit a point of no return in his fall from grace, when he re-tweeted Lin Wood's atrocious tweet about imminent imprisonment of Georgia governor and Secretary of State. That's when he crossed a Rule of Law line, with little pushback. 1/2
Now lack of pushback from supporters with blinders can be expected, but why was there ZERO pushback from the Media on this perfidy against Due Process & Rule of Law from a sitting President? I know why. Because his targets were Republicans.
Our Media is corrupt to its core. 2/
A resolute pushback against Trump when he did the above would have likely made him somewhat circumspect, or at least not emboldened to continue his onslaught of peddling Krakenware from Lin Wood and Sidney Powell, thereby possibly saving the five lives lost last Wednesday. 3/