Harry Truman said it best 'when you first get to Congress you spend your first six months thinking - wow - how did I ever get here? But then you spend the rest of your career thinking - how in the world did some of these other people get here?' And if you've watched the boondoggle of trying to get a $3.5 trillion liberal and progressive wish list of a bill to the floor this week you know exactly what old Harry was talking about. As Ted Cruz says "I sure hope they don't find out what comes after a trillion." Both of these are cute sayings but there's nothing cute about the real consequences of this radical tax and spend spree that's already having severe consequences on all Americans. Been to the gas station or grocery store lately? Whether it’s inflation, wage stagnation, or a depressed job market, this proposal will kill our economy and bankrupt future generations.
What's the topline number you ask? Good question, but no one knows the answer. Earlier this week, Speaker Pelosi said on national television that we shouldn’t talk about the actual numbers, but really, she is trying to hide the reality of this proposal from the American people. The Speaker is afraid that the price tag will scare them into voting Democrats out of office next year. So, if the Congressional leadership won’t tell us the cost of the proposal, who will? Many estimates place the final price tag between $3.5 trillion and $4.3 trillion. If that sounds like a lot to you, don’t worry, you’re not alone.
The question arises - how will we pay for this massive spending bill? The President's answer is through record tax increases, $2.1 trillion worth to be exact, along with deputizing your banker to give the IRS access to your deposits and withdrawals if you have over $600 in a scheme to raise $480 billion. This would result in the most unbelievable invasion of your privacy ever. This bill amounts to the largest tax increase in American history. When combined with existing state taxes, the burden on America’s small businesses would be one of the highest in the world. The result of these ridiculously high tax burdens would be reduced competition on the world stage. How can the United States compete for business on this unfair playing field? Obviously, it cannot.
After Democrats raise taxes and balloon the deficit, what exactly would happen? Businesses would not be able to support their employees with added tax burdens, so they would reduce wages and increase prices. I’m sure you’ve noticed that the price of everything is on the rise. If the Democrats pass this radical tax and spend bill, inflation will only increase, while wages are decreasing, which means the cost of living would continue to rise. President Biden says that no one making less than $400,000 a year will see a tax increase, but that is not true. Gas is up 74% alone since January 20th. Anytime you increase taxes on small businesses, everyone feels the impact.
This will be the largest tax increase in American history. They've never tried to raise corporate and individual tax rates at the same time before but they are now and the results will be disastrous. And it is being done in the most partisan way possible. Candidate Biden ran on being a deal maker and working in a bipartisan fashion. President Biden’s actions show otherwise. If Democrats successfully pass this balderdash spending bill, our country’s debt will balloon even further, small businesses will suffer, and the price of goods will increase across the board. Oh yeah, one more thing. That's not an earthquake you feel - it's just old Harry spinning in his grave.
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