Taxes Centralized Marxist redistribution: The over 40 corporate, domestic, and capital gains taxes included in the massive Build Back Better reconciliation bill will not pay for the Progressives’ more than $3.5 trillion social spending packages. The Tax Foundation estimates the $3.5 trillion spending bill will only generate about $1.06 trillion in revenue after the proposed taxes and will be more than $2.44T short of paying for itself. In the long run, our GDP will fall by 1% and workers’ wages will drop by 0.68%. University of Chicago economist Casey Mulligan claims the reconciliation bill will kill 7M full-time jobs. Brought on by the newly passed $1.9 trillion American Rescue Plan Act, the CPI report shows annual inflation has risen from less than 2% to around 6.2% - a 31-year high - and is expected to hit 7% by the end of 2021. The U.S. economy still hasn’t felt the effects of the $1.2T bogus infrastructure bill passed after the American Rescue Plan Act. The infrastructure bill, supported by a few RINOs, is filled with over $1T in graft with only $110B of the $1.2T going to infrastructure. Those two bills, together with the $3.5T Build Back Better reconciliation bill, will easily increase inflation from 7% to 13% or higher, with $6.6T needlessly injected into our economy. According to the Committee for a Responsible Federal Budget, the real cost of the Bernie/Biden bill over 10 years is $5.5T, bringing the total cost of all three bills to over $8.6T.
Taxes Centralized Marxist redistribution: The Atlanta Fed’s GDP estimate for Q3 2021 has gone from 6% growth under Trump’s policies to 0.5% under the Biden administration’s new socialist policies. The small business health care mandates that include Obamacare will drive many small businesses out of business. The $3.5T reconciliation bill on its own will annihilate the poor and middle classes and bankrupt the entire country. If the bill can’t be stopped, the Progressives will finally get their wish of subjugating U.S. citizens under their fascist, aristocratic, totalitarian policies and destroying America. It will be far worse than President Johnson’s disastrous multi trillion-dollar Great Society that resulted in more people being more impoverished for a longer period of time by imposing government dependency on them for the last 60 years. Kevin Hassett, former Senior Advisor and Chairman of the Council of Economic Advisors, claims Biden is committing econocide.
Progressives like Jim Clyburn (D-SC) are advising their party members not to discuss the cost. It’s a Pelosi bill: half of the 2,500-page bill will not even be brought to the floor for discussion so no one will ever know what's in it. According to Americans for Tax Reform (ATR) 80% of Americans oppose the tax hikes, and studies, including the CBO’s, claim anywhere between 25%-75% of the tax hikes will fall on the poor and middle class. The Joint Committee on Taxation claims that small businesses and the middle class will pay 75% of the bill and that 66% of the tax increases that fall on corporations will be passed on to the poor and middle class affecting 169 million Americans, the majority of whom are in the $40K-$400K income bracket.
Taxes Centralized Marxist redistribution: Build Back Worse taxes methane gas and adds a carbon tax which will immediately increase your already skyrocketing energy costs another 17% and will incrementally increase 5% above inflation every year thereafter. It will raise U.S. corporate tax rates higher than China’s, incentivizing businesses to move to China. This defeats the bill’s environmental purpose because China admits five times the carbon when producing the same goods as the U.S. It will raise the top income tax rate to 39.6%, corporate tax rate to 28%, and capital gains tax rate to 26%, disincentivizing capital investments or plans to sell your house and retire. It will create a 1% tax on every stock trade, a 40% business tax, up to a 43% small business inheritance tax,