To pay for some of the Democrats’ $3.5 trillion (actually, $5 trillion) spending spree, they have proposed a wave of sweeping new tax hikes that will amount to the largest tax hike in at least the last few decades.
One thing is certain, these new taxes do not only impact the rich. In fact, liberals would like to give the wealthy in high-tax states like New York and California a tax cut as part of the plan!
The Democrats’ plan is to jack up taxes on everything: Individual rates, corporate rates, capital gains rates, tobacco taxes, crypto taxes, and more. These will impact nearly every American.
Even more concerning is that all of this is being proposed while the American economy battles inflation and a sluggish economy, fueled by overreach from Washington. President Biden and Democrats are ready to double down on this failed strategy.
Statement from NRSC Spokesman T.W. Arrighi: “The American economy is in trouble. Poor economic policies and reckless spending have greatly hampered our economic recovery. Now, Democrats want to double down and unleash the largest tax hike in memory to go along with trillions in new spending. This reckless bill will hurt working-class Americans at a time when they need support the most, and Senate Democrats appear ready and willing to support this folly. How much clearer must the evidence be before Democrats wake up to our current predicament?”