Jay Weber show transcript 3-17-21 6:10am
So after stealing two trillion dollars from the treasury and pretend it is going to fix the economy and end covid-19....
After simply adding two trillion dollars to our national debt in that handout to their political cronies and in a cheap attempt to buy future votes, Joe Biden’s team is now insisting that big tax increases are coming.
And why not?
His reversal of Trump’s border policies has led to a massive debacle along the border.
His reversal of Trump’s energy policies is going to quickly lead to four-dollar-a-gallon gasoline.
Why not bleep up trump’s tax policies-which led to the greatest economy ever measured by man...and dive us back into a recession or
Obama-style economic malaise?
Why not. What the heck.
And what’s alarming about these moves by Biden and the democrats-is that they are moves that they-can-get rammed home by using that budget reconciliation process.
These tax hikes Biden’s team is floating could be stopped by the filibuster if the Dems introduced them by regular order, but they could also be rammed home using the same budgetary move that they used to get the stimulus thru: the reconciliation process.
And so, i cannot sit here this morning and say-don’t worry about any of this getting passed, so long as the filibuster exists.
If the democrats are motivated to hike your taxes, they are going to. And boy, do they seem motivated to move as much of the socialist, big government agenda as they can-while they have the window.
So...a huge fight looms in DC over raising taxes.
Joe Biden ran on all sorts of crazy, economy-killing tax hikes, and we don’t know which ones they are going to put in the final package yet, but Biden’s people are already making it clear- tax increases are coming.
Those plans call for trillions and trillions of dollars in spending. Lets go conservative and say the democrats settle on another two trillion dollars for infrastructure and three or four trillion dollars for climate change measures.
That’s nowhere near AOC’s 90-trillion dollar green new deal...but it will be sold as ‘a start’.
Just ‘a start’ on their massive, socialist plan to erase capitalism and entirely rework the American economy -will need a three or four trillion dollar down payment..
And so- the sentence suggests Biden’s next set of initiatives can be paid for by raising the taxes on corporations and the top earners.
No. They can’t.
Folks- the US treasury takes in-a total-of about three trillion dollars every year, by taxing every single American making over about 50-thousand dollars a year-and by taxing every single small, medium, and large sized business.
If our-total-federal tax haul in a year is about three trillion....you cannot tax just the corporations and the rich...and generate another five or six trillion dollars.
They simply do not have the sort of money that the democrats claim can be taxed away from them.
To put it in terms more listeners might understand...this is like the government coming to you and saying they are going to tax you double your salary.
Uhm, okay...but...you are asking the impossible.
These corporations and high earners-literally-do not have the trillions of dollars to give that Bernie and Biden and AOC and the lefties insist can be ‘taxed away’ from them.
The unbiased tax foundation says:
- Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.
So...the top one percent of the earners in this country are already paying 40 percent of the federal tax bill
How much more lopsided against them does it need to be, before they are paying quote what’s fair?
Another stat related to the top one percent:
The top 1 percent paid a greater share of individual income taxes than the bottom 90 percent combined, and it’s not even close: the top one percent paid 40 percent of the nation’s bills...and the bottom 90 percent of filers only paid about 29 percent of the nation’s bills.
And that doesn’t represent all Americans, of course, because half of the country doesn’t pay in-any- federal income taxes.
This next stat proves that only half of American workers pay income taxes. The tax foundation says: based on 2018 numbers- the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.
How much more of a screw job does that need to be for working Americans-than it already is-in order for democrats to call it ‘fair’?
- The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).
Our tax code, and tax laws, already represent an-insane-imbalance against corporations and the so-called rich.
And the biggest lie that the democrats and socialists tell is that it still isn’t fair. People on the lower rungs are getting screwed.
No. They are not.
The second biggest lie they tell is as they raise taxes, they say, don’t worry- it won’t affect you. This tax will only harm other people.
That’s always a lie, too, because most often-their tax increases-do-hit most Americans, and if nothing else, the chilling effect that they have on the economy and the country’s biggest job creators harms the ‘little people’ and puts a bunch of them out of work, and freezes other’s salaries...and leads to more part time hours and fewer full time jobs.
We have seen this movie before. Democrats and their tax hikes always always harm the economy and end up having less. Tax money pouring into the treasury to pay for all of their massive spending.
Now- Biden wants to repeat the mistakes of the past-but on a much grander scale. This will be making all of the mistakes of the past but on steroids.
And if voters don’t stop them, these Democrats won’t stop until America is Venezuela.
photo credit: Getty Images