Mitch McConnell: Democrats seeking to raise taxes by $3.2 trillion

[corbe]

Mitch McConnell: Democrats seeking to raise taxes by $3.2 trillion

"This is going to be a hell of a fight," said the Senate minority leader. "This is a fight worth having. I don't think they have a mandate to do it."

By Nicholas Ballasy
Updated: July 8, 2021 - 10:41pm

Senate Republican Leader Mitch McConnell says that the Democrats' forthcoming budget reconciliation bill would again give the U.S. the "highest corporate tax rate in the world" and raise taxes by about $3.2 trillion.

McConnell said the 2017 GOP tax reform law lowered the corporate tax rate to 21% to make the nation "more competitive internationally." President Biden has proposed raising it to 25% or 28%.

McConnell estimated that the Democrats' reconciliation package could total up to $5 trillion. The package would be able to pass out of the 50-50 Senate with every Democratic vote and a tie-breaking vote from Vice President Kamala Harris.

The Kentucky Republican said something "more alarming" to many Americans is the Democrats' proposal for the capital gains tax and "death tax" or "estate tax." Democratic leaders are considering lowering the exemption for the estate tax, which is currently set at $11 million, in addition to raising the capital gains tax.

"This is going to be a hell of a fight," McConnell said on Thursday in a speech to the Northern Kentucky Chamber of Commerce. "This is a fight worth having. I don't think they have a mandate to do it."

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https://justthenews.com/government/congress/mcconnell-democrats-seeking-raise-taxes-32-trillion-filibuster-proof

[bilo]

I believe they are also including a big increase in Capital Gains Taxes, ending 1031 tax deferred exchanges, and eliminating stepped up basis on inherited assets.

I know this is boring stuff to most people, but it will kill real estate investment and family owned businesses.

[christian]

Odd how many times i pointed out that the democrats massive wild spending would lead to inflation and higher prices and higher taxes,  denial won that one too, eh?  Remember?, I also said, take a look at your loved ones, look tasty ?  You bought it, you OWN IT! 
The move to take over the food supply is moving faster and faster all the time.  The ultra-rich and the democrats with globalist Communists are behind it.

[libertybele]

Eventually the Turtle will crawl into his she'll and hand the Dems whatever they want.  That's what he does. All this noise about putting up a fight is pure b.s.

[corbe]

Eventually the Turtle will crawl into his she'll and hand the Dems whatever they want.  That's what he does. All this noise about putting up a fight is pure b.s.

   @libertybele

   Sure, he'll get it down to 'only' $3T and call it a WIN!