Biden and Democrats might soon realize their goal of massively changing the United States. And this might include ruining the middle class.
After completing the $3 trillion “infrastructure bill,” yet another stimulus bill that will allegedly deal with “domestic priorities” will now be debated. This bill has the potential, along with the “infrastructure” bill, to cost near $4 trillion.
The third stimulus plan would mostly deal with health care, taxes, and education — including a potential expansion of Medicare. But the extreme nature of this legislation would mean Democrats would have to use reconciliation for the third time.
That is not permitted under the rules. Or maybe it is? Majority Leader Chuck Schumer believes he has found a way around Section 304 of the Congressional Budget Act.
Schumer aides think Section 304 might give them the power to enact legislation using reconciliation for a third time, even though it is only permitted to be used once every fiscal year, highlighting language that says “the two Houses may use a concurrent budget resolution which reaffirms or revises the concurrent resolution on the budget for the fiscal year most recently accepted.”
It would be a stretch for Schumer to get what he wants. But most tricks like this begin by being a stretch and end up being allowed and lawful.
But before Democrats start celebrating, they must convince all 50 of their Senators to accept some pretty extreme tax ideas.
The infrastructure plans will be paid for by taxing corporations, including increasing the corporate tax to 28%, increasing the global minimum tax to 21% from 13%, stopping subsidies for fossil fuel firms and requiring international companies to pay the domestic tax rate instead of the lower rates given by foreign nations.
The second section of the bill centers on domestic affairs, and would be funded by increasing the highest income tax to 39.6% from 37%, raising taxes on investors and limiting deductions for rich taxpayers.
With the country trying to get out of a huge economic hole, this is an ill-timed agenda that could destroy small businesses by increasing taxes straight into the sky. But Biden needs to satisfy his extreme radical base who see this as a purge of “wealthy” and “privileged” white people, successful people and generally anyone they hate.
Author: Scott Dowdy
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