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ATR: Democrats Float $3 Trillion Tax Hike on Working Families and Small Businesses

Americans for Tax Reform (ATR) is warning the nation that the Democrats are planning a massive tax hike that will hurt nearly everyone.

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Americans for Tax Reform (ATR) is warning the nation that the Democrats are planning a massive tax hike that will hurt nearly everyone, not “just” the rich.

House Democrats are proposing almost $3 trillion ($3,000,000,000,000) in tax increases including tax increases on small businesses and working families. This is the largest tax increase since 1968 compared to the size of the economy and the largest tax increase ever in nominal dollars.

Some of these tax increases include:

Raising taxes on working families by increasing the federal corporate income tax rate from 21 percent to 26.5 percent. This tax increase will be passed along to working families in the form of higher prices, fewer jobs, and lower wages. This will give the U.S. a combined state-federal rate of 30.9 percent, higher than our foreign competitors including China, which has a 25 percent corporate tax rate, and Europe which has an average rate of 21.7 percent. The developed world average (OECD) is 23.5%.

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According to the Stephen Entin of the Tax Foundation, labor (or workers) bear an estimated 70 percent of the corporate income tax in the form of wages and employment. Similarly, a 2020 study by the National Bureau of Economic Research found that 31% of the corporate tax falls on consumers.

A corporate tax increase will threaten the life savings of families by reducing the value of publicly traded stocks in brokerage accounts or in 401(k)s. Individual investors opened 10 million new brokerage accounts in 2020 and at least 53% of households own stock. In addition, 80 million to 100 million people have a 401(k), and 46.4 million households have an individual retirement account

Raising the corporate income tax rate will hit Americans with higher utility bills as the country tries to recover from the pandemic. Customers directly bear the cost of corporate income taxes imposed on utility companies. Investor-owned electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. Therefore, if Democrats raise the corporate tax rate, they will have voted to raise utility bills. [Americans for Tax Reform has compiled 300 examples of utilities passing tax savings along to customers.]

Raising taxes on small businesses by raising the top income tax rate to 39.6 percent, limiting the 20 percent small business deduction, expanding the Obamacare net investment income tax, limiting the ability of passthroughs to deduct excess business losses, and raising the corporate tax rate.

This would likely increase taxes on several million small businesses across the country – earlier this year, the Biden administration admitted raising the top income tax rate would raise taxes on one million small businesses. This does not include the other tax increases – a study by the Chamber of Commerce found that there are 1.4 million small businesses organized as C-corporations, while almost 900,000 small businesses could be hit with the limitation of the passthrough deduction based on 2018 IRS SOI data.

Increasing the capital gains tax rate to 28.8 percent and increasing the holding period for carried interest capital gains to five years. Communist China’s capital gains tax is 20 percent.

A 16.5 percent global minimum tax. The Biden administration has been pushing a global agreement locking in high taxes and a 15 percent global minimum tax in order to “end the race to the bottom” and “make all citizens fairly share the burden of financing government.”

Increasing the death tax by cutting the exemption level in half and modifying valuation rules. This will raise taxes on family-owned businesses and farms across the country.

Retroactively raising taxes on taxpayers claiming the conservation easement deduction. It would apply this retroactively back to Notice 2017-10 released on December 23, 2016, so would impact taxpayers in tax years 2016, 2017, 2018, 2019, 2020, 2021 and for future years. If lawmakers want to make changes to the conservation easement deduction, they should do so as part of a net tax cut and prospectively, not retroactively.

A new 95 percent excise tax on medicines and socialist healthcare policies. This legislation creates a 95 percent excise tax on manufacturers and imposes an international reference pricing scheme that directly imports foreign price controls into the U.S.

This proposal will reduce access to new, lifesaving and life-preserving medicines. According to research by the Galen Institute, the U.S. had access to 90 percent of new cures launched between 2011 and 2018, a rate far greater than comparable foreign countries. For instance, The United Kingdom had access to 60 percent of medicines, Japan had 50 percent, and Canada had just 44 percent.

It will also threaten high-paying manufacturing jobs across the country at a time when we are just emerging from the economic wreckage from the pandemic. Pharmaceutical manufacturers invest $100 billion in the U.S. economy every year, directly supporting 800,000 jobs including jobs in every state.

$80 billion in new IRS funding to hire 87,000 new agents. This would allow the IRS to audit and harass small businesses and American families for an additional $787 billion. It would hire enough new IRS agents to fill Nationals Park twice.

It would help implement the Biden plan to create a new comprehensive financial account information reporting regime which would force the disclosure of any business or personal account that exceeds $600. Not only would this include the bank, loan, and investment accounts of virtually every individual and business, but it would also include third-party providers like Venmo, CashApp, and PayPal.

New IRS funding will also be a boon to the union that represents IRS employees. This union, the National Treasury Employees Union (NTEU), shovels 97 percent of their money into Democrat campaign coffers. IRS employees also regularly perform union work on the taxpayer’s dime. In 2019, 1,421 IRS and other Treasury Department employees spent 353,820 hours of taxpayer-funded union time (TFUT), costing the federal government $17.27 million.

See ATR’s full piece along with citations.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston.

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Famous Bounty Hunter Joins Search for Brian Laundrie in Florida

Laundrie has been evading police for days on end.

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The most wanted man in America may be hiding out in a Florida nature reserve, and police have spent several days scouring the vast wilderness looking for clues.

Brian Laundrie, a person of interest in the death of his fiancée Gabby Petito, disappeared from his parents’ home in North Port, Florida last week with no cell phone and no wallet.  The story was that he would be doing some hiking in the Carlton Reserve, but given the situation regarding Petito’s death, there is little doubt that Laundrie’s disappearance was purposeful.

Now, one of the nation’s most famous bounty hunters is on the case.

Dog the Bounty Hunter arrived at Brian Laundrie’s parents’ home Saturday, knocked on the door and met silence, but he’s already picked up a scent.

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“The reason I went to Mr. [Christopher] Laundrie is I carry a reputation with me,” he told Fox News Digital moments later. “The reputation is, ‘He gives you a second chance. He’s gonna get you, but he gives you a second chance.’”

The reality TV star and legendary bounty hunter, whose real name is Duane Chapman, is a father of 13 who lost a daughter around the same age as Gabby Petito in a car accident in 2006. He was already in Florida on a honeymoon with his wife Francie Chapman, he said, when people began reaching out to him to look into Laundrie’s disappearance.

The television star was hoping for the best.

Laundrie’s parents reported him missing Friday, Sept. 17, telling police they hadn’t seen him in three days.

“And the dad can still reach out to me, through social media,” Chapman said. “Let’s get the kid captured alive. Alive.”

Laundrie has been charged with federal bank fraud after being found to have used Petito’s debit card after her death.

The most wanted man in America may be hiding out in a Florida nature reserve, and police have spent several days scouring the vast wilderness looking for clues. Brian Laundrie, a person of interest in the death of his fiancée Gabby Petito, disappeared from his parents’ home in North Port, Florida last week with no cell phone and no wallet.  The story was that he would be doing some hiking in the Carlton Reserve, but given the situation regarding Petito’s death, there is little doubt that Laundrie’s disappearance was purposeful. Now, one of the nation’s most famous bounty hunters is on the case. Dog the Bounty Hunter arrived at Brian Laundrie’s parents’ home Saturday, knocked on the door and met silence, but he’s already picked up a scent. “The reason I went to Mr. [Christopher] Laundrie is I carry a reputation with me,” he told Fox News Digital moments later. “The reputation is, ‘He gives you a second chance. He’s gonna get you, but he gives you a second chance.’” The reality TV star and legendary bounty hunter, whose real name is Duane Chapman, is a father of 13 who lost a daughter around the same age as Gabby Petito in a car accident in 2006. He was already in Florida on a honeymoon with his wife Francie Chapman, he said, when people began reaching out to him to look into Laundrie’s disappearance. The television star was hoping for the best. Laundrie’s parents reported him missing Friday, Sept. 17, telling police they hadn’t seen him in three days. “And the dad can still reach out to me, through social media,” Chapman said. “Let’s get the kid captured alive. Alive.” Laundrie has been charged with federal bank fraud after being found to have used Petito’s debit card after her death.

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As Joe Biden Pushes Debunked ‘Whipping’ Story, Border Patrol Lashes Out

These agents were NOT happy.

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Last week, a number of disturbing images erupted at the southern border, that appeared to depict Border Patrol officer chasing migrants on horseback.

To make matters worse, the way in which the photos were presented seemed to suggest that these agents were using the reins of their mounts to “whip” the migrants, invoking imagery from a much darker time in America’s past.

Even President Joe Biden and the White House Press Secretary seemed perturbed by it, but there was one problem:  Border Patrol claims none of it is accurate.

On Friday, amid an ongoing investigation into the agents – who have now been shifted to desk duty – and a day after the Biden administration barred the use of horses in Del Rio, the president tore into those agents.

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“To see people treated like they did, horses barely running over, people being strapped – it’s outrageous,” Biden said, making a whipping motion with his hand. “I promise you, those people will pay. There will be an investigation underway now and there will be consequences. There will be consequences.”

This didn’t sit well with agents, however.

Border Patrol agents were stunned and angered by the comments, which both claimed without evidence that migrants were run over and whipped, and at the same time cast a shadow over the investigation.

“Would you go to work and do your best knowing that if you do your boss is going to ‘make you pay’?” one agent told Fox News.  “I’m dumbfounded and don’t know what to say.”

The agent asked, “Is the president threatening to throw us in prison?”

Another said: “I see the administration wants to fry our agents. He just started a war with Border Patrol.”

Biden’s continued bungling of the border situation has been a key part of his flailing approval numbers of late, and this attempt to throw federal law enforcement under the bus certainly isn’t going to help either.

Last week, a number of disturbing images erupted at the southern border, that appeared to depict Border Patrol officer chasing migrants on horseback. To make matters worse, the way in which the photos were presented seemed to suggest that these agents were using the reins of their mounts to “whip” the migrants, invoking imagery from a much darker time in America’s past. Even President Joe Biden and the White House Press Secretary seemed perturbed by it, but there was one problem:  Border Patrol claims none of it is accurate. On Friday, amid an ongoing investigation into the agents – who have now been shifted to desk duty – and a day after the Biden administration barred the use of horses in Del Rio, the president tore into those agents. “To see people treated like they did, horses barely running over, people being strapped – it’s outrageous,” Biden said, making a whipping motion with his hand. “I promise you, those people will pay. There will be an investigation underway now and there will be consequences. There will be consequences.” This didn’t sit well with agents, however. Border Patrol agents were stunned and angered by the comments, which both claimed without evidence that migrants were run over and whipped, and at the same time cast a shadow over the investigation. “Would you go to work and do your best knowing that if you do your boss is going to ‘make you pay’?” one agent told Fox News.  “I’m dumbfounded and don’t know what to say.” The agent asked, “Is the president threatening to throw us in prison?” Another said: “I see the administration wants to fry our agents. He just started a war with Border Patrol.” Biden’s continued bungling of the border situation has been a key part of his flailing approval…

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