Democrats spent decades defending their proposed tax increases by claiming they produced good results. Republicans, by contrast, apply the basic principles of economics that increased costs of goods and services are passed along to everyday families.
The debate and slick propaganda associated with this political football came to a screeching halt when former President Donald Trump proved tax cuts increased job opportunities, wages, the national GDP, and reduced poverty. Unfortunately, with Democrats holding slim majorities in both houses of Congress and the Oval Office, the left now conspires to throw working families to the wolves even in the face of skyrocketing inflation. And the Democrat in the White House appears blind or callous to the real-life struggles of low-income families right now.
“There’s nobody suggesting there’s unchecked inflation on the way — no serious economist,” Joe Biden reportedly said. “That’s totally different.”
Actually, well-respected economists roundly disagree with Biden’s scripted remarks.
“With global supply chain and logistics bottlenecks looking set to persist into 2022 and labor costs continuing to grow, inflation could prove to be more stubborn than many have been anticipating,” chief economist Richard Moody of Regions Financial reportedly said.
That position has been widely adopted as 2021 inflation only worsens. Wide-reaching reports indicate that inflation recently exceeded a 30-year high and shows no sign of slowing. The country struggles with massive supply chain disruptions, fast-rising transportation costs, and working families are paying sometimes exorbitant prices for food and essential goods.
The left has no intention of curing these economic woes. Rather, Democrat lawmakers plan to move a massive tax hike forward on American corporations despite the success of the Trump-era Tax Cuts and Jobs Act. High-ranking party members continue to chant the phony rallying cry that corporations need to pay their “fair share.”
“This is a commonsense thing that people agree with,” White House deputy communications director Kate Berner reportedly said. “They don’t understand why companies can park profits overseas and pay no money in taxes. They don’t understand why a hedge fund manager pays a lower tax rate than a pipefitter. It’s something that people think of as fundamentally broken.”
The Trump-era signature tax cuts brought billions of off-shored money back into the economy and increased investment. One headline-grabbing move was Softbank’s promise to the former president to inject $50 billion into the U.S. economy and create upwards of 50,000 new jobs. The left fails to mention that America suffered economically because other countries, particularly China, handed corporations far lower tax rates.
Another thing Democrats don’t want people to know is that increasing the business tax rate to 26.5 percent, adding a 3-percentage surtax on top earners, and leveling a capital-gains tax increase is not designed to pay down the national debt, slow inflation, or improve economic growth. Rather, the move is purely to pay a portion of the $3.5 trillion Democrats want to borrow and spend to fund special interests. They may be calling it “infrastructure,” but nothing could be further from the truth. The money will get doled out to companies and people who make campaign contributions to Democrat candidates, so they can maintain their political stranglehold over working families.