Sen. Elizabeth Warren, a leftist Democrat who has strongly advocated for tax increases.
Rep. Mike Turner, R-Ohio, said Monday (March 15) on a Newsmax TV talk show that President Joe Biden‘s new proposal for a big tax increase is a Democratic social agenda.
“This proposal has nothing to do with state revenues. It’s their social agenda. Look at our economy, it’s just starting to recover, we’re coming out of the blockade of the Communist virus (Covid),” Turner said, “so this is not the Time to raise taxes. Instead of stimulating the economy, (the Democrats) want to take money out of it …… This is based on their (Democrats’) philosophy that corporate America has too much money.”
“We gave out nearly $700 billion in paycheck protection loans (PPP) to help businesses retain employees. Now we’re just getting rid of the paycheck protection loans,” Turner cautioned, “We want businesses to hire people and we want people to get rid of the viral Communist blockade. We want businesses to disburse this money into the hands of families struggling to make ends meet. Some of these families just had Food on the table, (and now the Democrats want to send money to Washington (government) through tax increases). This is really very bad policy.”
Biden is reportedly planning the first major major tax increase since 1993. The plan could include tax rate increases for businesses and individuals earning more than $400,000 a year. The Biden Administration is considering using the money to pay for additional infrastructure work and clean energy, Bloomberg reported.
The proposed tax increase could include repealing portions of former President Trump‘s (R-Texas) 2017 tax-cutting legislation; increasing the corporate tax rate by 7 percent, from 21 percent to 28 percent; expanding the estate tax; and boosting the capital gains tax for each individual earning more than $1 million a year.
Seth Hanlon, a senior fellow at the Center for American Progress and Freedom, told U.S. media outlet Politico, “It’s clear that Democrats want high revenues and for people and large businesses to pay for the government’s investment package.”
The proposed tax increase was revealed on Monday morning (March 15), less than a week after Biden signed the $1.9 trillion coronavirus (the Chinese Communist virus) rescue plan. Biden’s rescue plan includes, among other things, a $1,400/person stimulus check for eligible Americans, extension of unemployment benefits and supplemental state and local government funding. In addition, the bill includes a later addition of a $60 billion tax increase plan.
In early March, far-left Democratic Senators Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.) and other leftist lawmakers proposed a wealth tax package designed to raise additional taxes on the wealthy across the United States.
The bill, called the Ultra-Millionaire Tax Act, would require families with a net worth of more than $50 million to pay 2 percent of their wealth as an annual tax. For those with a net worth of more than $1 billion, the government would add another 1 percent surtax.
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