Will You Be Drowned By Biden’s Coming Tidal Wave Of Tax Hikes?

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Will You Be Drowned By Biden’s Coming Tidal Wave Of Tax Hikes?
I & I Editorial Board
April 6, 2021

I&I Editorial

Joe Biden’s massive $2 trillion “infrastructure plan” is in fact another giant tax hike disguised as a jobs program. Even worse, the Bidenites pretend that the taxes will hit wealthy people and big corporations hard, while the spending will provide jobs for struggling workers. Don’t believe any of it.

First, a reality check. Spending was up sharply last year, and will likely be up at least 50% this year. Yet, even the tax hikes now being discussed won’t come close to covering the spending increases.

Let’s review: During the pandemic year, the U.S. spent $6.5 trillion, a 47% surge in just one year. This year, we’ve already added about $4 trillion in new spending. Debt is now an unimaginable $30 trillion, and headed much higher. And yes, we have to pay it off, even if we “owe it to ourselves,” as some like to say.

With a deficit of $3 trillion last year and perhaps even higher this year, Americans are soon going to feel the pinch. Yes, the Fed can print more money by buying government bonds. But eventually, it all has to be paid back. And when that happens, the taxes will hit the economy hard, forcing the government to spend more (while crowding out private sector spending and investment), and jack up taxes at the same time.

The Biden administration’s great lie is that it will “go after” big companies and the rich to pick up the tab for the infrastructure spending.

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https://issuesinsights.com/2021/04/06/will-you-be-drowned-by-bidens-coming-tidal-wave-of-tax-hikes/