Update: Seven Democrats, including Kyrsten Sinema, voted for a GOP amendment to shield businesses that rely on capital investment from private equity groups from the 15 percent corporate minimum tax that Senate Majority Leader Schumer (D-N.Y.) included in the Inflation Reduction Act. Sens. Catherine Cortez Masto (D-Nev.), Maggie Hassan (D-N.H.), Mark Kelly (D-Ariz.), Jon Ossoff (D-Ga.), Jacky Rosen (D-Nev.), and Raphael Warnock (D-Ga.) also voted for the amendment. They want to get re-elected.
The regime has devised a foolproof plan to kill American ingenuity and incentive. First, don’t require people to pay taxes, lock down businesses, overtax the middle class and hire 87,000 agents to hound those same people.
Lockdown, Pay People to Stay Home, and Other Welfare
If you will recall, Mitt Romney was vilified for his 47% fundraiser. During a private fundraiser in 2017, Mitt Romney explained the mathematics involved in creating a dependent nation. What he said was the truth, but it was used against him.
There are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it. That…that’s an entitlement. And the government should give it to them. And they will vote for this president no matter what…These are people who pay no income tax.
A dependent class could turn us from a self-reliant nation to a dependent one. The freebies aren’t good, but neither is over-taxation. Democrats are doing both.
The nonpartisan Tax Policy Center estimates that 57% of U.S. households paid no federal income taxes for 2021, up substantially from the 44% before the pandemic.
According to the report, this is due to Covid-relief funds, tax credits, and stimulus.
Howard Gleckman, a senior fellow at the Tax Policy Center, said Covid-related job losses, a decline in incomes, stimulus checks, and tax credits were largely responsible for the increase.
The expanded child tax credit was also a large factor.
It should go back down to under 50% with these programs ending. Let’s hope so. We shouldn’t have locked down in the first place.
Every American needs to have a stake in this government. To do that, they need to pay taxes. That doesn’t mean the Schumer-Manchin tax bill or other outrageous taxes are justified.
However, what happens if the tax policies kill American businesses? The Biden regime’s tax policies are aimed at smothering small businesses. If it kills jobs as a result, do we go back to handouts? Handouts are dangerous and only provide temporary relief, hunting the economy in the long run.
THE PROBLEM WITH THE REGIME TAXING THE MIDDLE CLASS
The Democrat regime is doubling the number of IRS agents to hound the middle class. That is not okay. It is a foolproof way to seriously kill America’s small businesses. They are the backbone of capitalism.
The Democrat bill raises taxes on small and mid-sized businesses. Any business that has PE in its capital structure is now considered a subsidiary of that firm and thus subject to 15% book tax, John Kartch of the nonpartisan American Tax Policy Center says.
Biden said he wouldn’t raise taxes on small businesses.
FOOLPROOF TAXATION TO KILL AMERICA
Politicians did everything wrong. They paid for workers to stay home, locked down, fed freebies to people without accountability, and spent wildly for some short-term gains. Now, they are making the tax code even more complicated and hiring 87,000 agents to hound the middle class.
Who likes these policies?
The federal tax code and IRS guidance documents total around 75,000 pages. How about we make the system smaller and close loopholes instead of hiring auditors to play “gotcha” with hard working Americans. https://t.co/H9MONmekaM
— Brian Sikma (@briansikma) August 6, 2022
Sinema shouldn’t agree to this bill. It will affect hundreds of Arizona businesses.
In Sinema’s Arizona, this Dem tax hike would target 229 companies employing 229,000 people. pic.twitter.com/C63qIEPgZU
— John Kartch (@johnkartch) August 7, 2022
Admittedly, I don’t know who the author was on this (am trying to locate). Their sources for calculations are listed at the bottom though. pic.twitter.com/IUeI4CHTVh
— Annie Beth (@Anniebeth1976) August 7, 2022