Here, I’ll say it: I would be willing to pay more taxes.
Surprised? Well, there’s a catch. I’ll be willing to pay more taxes if it was combined with reduced government SPENDING to help eliminate federal debt. That’s a small ‘catch’ for ordinary Americans balancing their own checkbooks, but a seemingly impossible catch for politicians.
I’m honestly amazed at the amount of taxes the Democrats are proposing to offset their record $3.5T in new spending. The taxes won’t cover that much, of course. We’ll still need hundreds of billions of new debt – even if their rosy financial forecasts all prove to be true (but they never are).
Here are the key changes I’ve read about …
⁃ Raise top individual income tax rates from 35%/37% to 39.7%
⁃ Eliminate pass-thru deduction for business owners
⁃ 3% surcharge for income over $3 million
⁃ Raise corporate tax rate from 21% to 26.5%
⁃ Raise top capital gains rate from 20% to 25%
⁃ Make ETF capital gains taxation immediate
⁃ Restore the ObamaCare 3.8% surcharge
In addition, according to the Wall Street Journal, leading Democrats have also proposed increases to “the dividend-tax rate, the death-tax and payroll-tax rates, while creating a new wealth tax, a new financial-transactions tax, a new carbon tax and a new pharmaceutical tax.”
As they say, elections have consequences and I’m always disappointed when it results in one-party rule, as we are right now. I’m hopeful that a few brave Democrats will worry enough about their reelection bids to hold up the tax & spend train. Hopeful, but not optimistic.
What do you make of the current rush of tax & spend proposals?
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