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Why Democrats can't pay for their ambitions

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17.09.2021

Benjamin Franklin was right about death and taxes, but new taxes only become inevitable when a Democrat is elected president, and here we are.

The House Ways and Means Committee released an outline of tax proposals to offset President Biden’s jaw-dropping spending plans, and it’s the expected assortment of tax increases on business and the affluent that Democrats like to pretend can fund a social welfare state of the sort that Bernie Sanders has long pined and advocated for.

The individual tax rate would increase from 37% to 39.6%, the capital gains rate from 20% to 25%, and the corporate tax rate from 21% to 26.5 %, among sundry other provisions befitting the hideously complex U.S. tax regime.

It’s a sign of the scope of Biden plans that the committee version represents a step back from his tax proposals, yet still clocks in at an enormous $2.2 trillion in estimated new revenue over ten years.

The corporate taxes are particularly noxious. Democrats love the........

© Olean Times Herald


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