October 24, 2021
Joe’s tricky tax trick
By Anony Mee
God bless entities like the Tax Foundation, a nonprofit dedicated to supporting informed tax policy at all levels. Its analysis of changes to our tax structure that the Democrats embedded in its Build Back Better bill brings splendid clarity to the tables where policy is and will be discussed, formulated, and enacted.
Not surprisingly, statements from this Administration and its supporters fail the truth test miserably. Their claim that a $3.5 trillion bill will never come due and not add a cent to our national deficit? Hard for anyone of even third-grade intelligence to concur.
The Tax Founding has a different, more pragmatic, take: “Excluding tax revenue from increased tax compliance, the proposals would raise $862 billion over ten years.” That doesn’t quite stretch to cover the overall cost, including the unrealized tax revenue due to increased tax credits. The Tax Foundation’s analysis also yields this disturbing result:
We estimate that the Ways and Means tax proposals would reduce long-run economic output by 0.98 percent and eliminate 303,000 full-time equivalent jobs in the United States. It would also reduce after-tax incomes for the top 80 percent of taxpayers over the long-run.
more
https://www.americanthinker.com/blog/2021/10/joes_tricky_tax_trick.html
