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Democrats Detail Plans to Raise Taxes After Elections

Those who are concerned about their pocketbooks as well as the United States economy in general should be wary of Democrat plans to drastically raise taxes should they retake control of one or both houses of Congress.

It is no secret that Democrat lawmakers intend to impose massive tax hikes that will not only affect big corporations but also ordinary, middle-class Americans who are struggling just to get by.

Ironically, the move to hike taxes isn’t really about funding favorite Democrat spending programs. In fact, Rep. Nancy Pelosi intends to actually make it difficult if not impossible for future Democratic lawmakers to allocate money to these programs by bringing back the “Pay-Go” rule. The rule, which the House of Representatives put in place more than a decade ago but which has since become obsolete, mandates that all new spending be offset with by either budget cuts or tax increases.

While the “Pay-Go” rule would certainly hamper President Trump’s economic agenda, it would also get in the way of passing progressive legislation providing Medicare for all and/or free college tuition. Instead, Democrat plans to raise taxes are really nothing more than an effort to get revenge on President Trump and GOP lawmakers for passing the Tax Cuts and Jobs Act.

This legislation, which lowers the corporate tax rate to globally competitive levels, also offers numerous benefits to average Americans. In fact, it has been estimated that the Tax Cuts and Jobs Act increases take-home pay for up to 90% of all American workers. What is more, an average family of four with an annual income of $73,000 will see a whopping 58% reduction in Federal taxes and earn nearly $45,000 more in take home pay over the next decade than would have been possible otherwise.

Unfortunately for many Americans, Democratic lawmakers aren’t paying attention to these numbers. They are also ignoring the fact that the unemployment rate is at 18-year low and job openings are at an all-time high as many companies are even lowering job standards in order to find workers. Democrats are also not eager to broadcast the fact that the Tax Cuts and Jobs Act resulted in many companies giving employees a significant bonus and/or pay raise in addition to offering new worker benefits such as child care and an increase in retirement contributions. The fact that the GDP is 50% higher under President Trump than it was under former President Barack Obama also doesn’t seem to matter much.

Instead, Senate Democrats have already crafted a proposal for a $1 trillion tax hike on corporations throughout the country. To make matters worse, it isn’t just Washington Democrats who are eager to look for ways to impose a higher tax rate on American companies and citizens. Most Democratic gubernatorial candidates in Illinois want to charge wealthy people in the state a higher tax rate without considering the fact that these very same wealthy people are very capable of simply moving out of the state, leaving Illinois with even more financial problems than the state already has. In Florida, progressive Democratic gubernatorial candidate Andrew Gillum wants to raise Florida’s corporate tax rate by over two percentage points.

The Democratic plan to impose even more taxes on the country are in stark contrast to GOP plans to lower taxes even further. Tax Reform 2.0, a new piece of legislation released by Ways and Means Chairman Rep. Kevin Brady (R-Texas) would protect middle class and small business cuts, encourage aspiring entrepreneurs to launch their own companies and promote family savings. Many GOP gubernatorial candidates are also looking for ways to either avoid raising taxes or to lower them further.

There is very real evidence that the GOP push to keep taxes as low as possible for companies and individuals alike is not only helping the national economy grow, but could also be playing an important role in the upcoming mid-term elections. While many far-left liberal voters put a priority on issues such as gender identification and free college, conservative, independent and even many moderate Democrat voters are likely to put a premium on job and the economy, voting for candidates who will create the best possible economic environment in the country.

~ Liberty Planet


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