Good day all. The mid-term silly season is upon us and the Progressive Liberal Democrats are working overtime to completely destroy their electoral chances in 2018. They have started releasing their plans if they take back the house and senate. Their first target? Hiking taxes of course.
When President Trump and the GOP started working on the Trump tax cuts, they asked the Democrats to join them. Being the brain dead idiots they are, not a single Democrat voted in favor of the tax cuts. Instead, they fell back on their usual chants of “Tax cuts for the rich!!” With the help of their propaganda arm in the Mostly Stupid Media, they managed to convince people that the tax cuts were going to be tax hikes for the majority of people. Well guess what happened?
People started looking at their paychecks and saw a nice bump. Others saw bonuses and even more found jobs as companies started hiring again. Now the Democrats are in a bit of a panic. They are demanding that people believe them, and not their own eyes and bank accounts. They are still screeching that the Trump tax cuts benefit only the rich and what little money is trickling down is nothing more then “crumbs.”
Since it is the firm belief of the Progressive Liberal Democrats that people are to stupid to run their own lives, and that any money that people actually earn belongs to the government, to be distributed by the ever so enlightened Progressive Liberal Democrats, they have announced their plans to hike taxes and punish the average American rich. Here are the details of their cunning plan from Forbes:
This week, Congressional Democrats released a detailed tax hike plan that they promised to implement if given majority control of the House and Senate after the 2018 midterm elections. So much for the crocodile tears about the deficit–Democrats want to raise taxes not to reduce the debt, but rather to spend that tax hike money on boondoggle projects.
And just what do the ever so caring Progressive Liberal Democrats to do? Generally kill the economy of course. Here are some of the hikes they’re planning.
Increase the top marginal income tax rate from 37 percent to 39.6 percent. This nearly 3 percentage point increase in the top personal rate is not only a hike in the top bracket levy, but it’s also a direct tax increase on small and mid-sized businesses. The 30 million companies which are organized as sole proprietorships, partnerships, Subchapter-S corporations, and LLCs pay their business taxes on their owners’ 1040 personal tax returns. Hiking the top tax rate is a small business tax increase.
And all those small businesses, which are now hiring like crazy, instead of expanding and hiring, will probably close their doors instead. So all that loot the Progressive Liberal Democrats will be expecting? Yeah, it isn’t going to be there.
Increase the corporate income tax rate from 21 percent to 25 percent. Up until this year, the United States labored under the highest corporate income tax rate in the developed world. As a result, jobs and capital were fleeing America for more normal tax rates that could be found in tax havens like France and China (sarcasm font very much activated). Finally, after many years of bipartisan consensus that the U.S. corporate rate had become an impediment to attracting new jobs and investment, Congress cut the rate all the way from 35 to 21 percent. Even doing that only puts us in the middle of the pack of developed nations, but that’s a heck of a lot better than dead last.
The current rate is still to high, however with the cuts recently passed, companies are now bring back hundreds of billions of dollars that had been parked offshore. The Progressive Liberal Democrats, being about as intelligent as a brick, refuse to believe that companies would start moving their money offshore again. They will and all those nice new jobs will head offshore again as well. Yep, once again, the ever so caring Progressive Liberal Democrats showing how much they actually care.
Bring back the alternative minimum tax (AMT) for 4 million families. Up until this year, 4 million upper middle class families had to calculate their income taxes two different ways, and then pay the higher result. This was due to a provision of the law known as the “alternative minimum tax” or AMT. Millions more had to at least pay a tax preparer to run the calculation, even if they didn’t end up paying the AMT. The new tax law all but repealed the AMT for 99 percent of these families thanks to a higher AMT “standard deduction.” Congressional Democrats would bring back the dreaded AMT, which especially hit hard two-income white collar families with kids in New York, New Jersey, and California.
The AMT was passed decades ago because about a dozen really rich people, who could afford very good accountants and lawyers, were able to use the laws passed by the Uniparty to legally cut their tax bills to near nothing. The answer to that by the Progressives was simple. “Hey! That’s not your money, it’s ours! Hand it over!” As usual, they managed to hit everyone but their primary targets. And speaking of missing their primary targets, (The Democrats aim is worse then that of Imperial Stormtroopers or NYC police officers) we have the infamous “Death Tax.”
Cut the “death tax” standard deduction in half. Over the past few decades, no tax has proven more unpopular in every single poll than the death tax, the federal tax on estates. 60 to 70 percent of poll respondents consistently call for its full repeal. The new tax law didn’t repeal the death tax, but it did the next best thing–it doubled the death tax’s “standard deduction” from $5.5 million to $11 million (and twice that for surviving spouses). As a result, far fewer family businesses and farms will be subject to the death tax, and many smaller firms can shed the costly insurance, legal, and actuarial costs of avoiding the death tax.
Like the top personal rate, the death tax is not something that really affects the rich, who have plenty of resources to avoid the levy. Rather, it hits hardest those companies profitable enough to worry about it but not profitable enough to not worry about, if you catch my meaning. Democrats have never understood this, which is why it’s not surprising they want to reduce the death tax’s standard deduction back down to what it was before.
The death tax is incredibly destructive. The “Goal” was to prevent the rich from passing their wealth on to their children who would then continue to increase it. As usual, it didn’t work. What it did do was force families to sell their farms and small business to raise the cash to pay the death taxes, leaving them with nothing. The Death Tax, along with the Alternative Minimum Tax, both need to go the way of the dinosaurs. As for the Democrats, this is just one plank in their new platform to punish Americans if they regain control of the Government. Wait see some of the others.
Thatisall
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