President Biden's $2.3 trillion infrastructure plan is a reckless tax-hiking green gamble that could kill off America's post-covid economic boom
By Piers Morgan
Daily Mail
April 2, 2021
I once watched a guy run down a tourist beach in Spain throwing money away.
He literally sprinted over the sand, cackling dementedly as he chucked large wads of bank notes into the air and shouted at everyone to 'TAKE MY CASH!!'
It seemed like the most wondrously generous thing imaginable and gleeful holidaymakers sprang off their sunbeds like they'd been electrocuted in a frantic race to grab the booty.
But there was a problem.
It was a very windy day, and most of the money flew straight out of his hands into the choppy ocean and disappeared with the strong tide never to be seen again.
The comical scene reminded me of that famous Biblical quote from the Book of Job: 'The Lord gave, and the Lord hath taken away.'
President Biden reminds me of that guy on the beach, he just loves giving money away.
Biden's only been President for three months, but he's already persuaded Congress to spend $1.9 trillion on a Covid stimulus package, and now he wants it to spend another $2.3 trillion on his infrastructure renewal plan.
He claimed it was a 'once in a generation' spending plan and boasted: 'I'm convinced that if we act now, in 50 years people are going to look back and say this is the moment when America won the future.'
Hmmmm.
Rather like the guy on the beach, I'm not sure Biden's read the wind very well.
It's all very well tossing trillions of federal dollars around like this, but at some stage, as even the most economically imbecilic know, it's going to have to be paid back.
And as always, the debt will have to be settled by the American people.
The President insists it will just be the rich who will have to pay more, vowing to only raise taxes on those earning over $400,000 a year.
Indeed, as he announced his new infrastructure plan on Wednesday, he emphatically and unambiguously doubled down on that pledge, saying: 'No one making under $400,000 will see their federal taxes go up, period.'
That couldn't be clearer, except that Biden's own press secretary Jen Psaki has said this limit will apply to whole families, not individuals.
So, if two people in the same household earn $200,000 each, then it's likely they will both pay more tax which would make a mockery of the 'no one making under $400,000' guarantee.
Biden's also planning to recoup a large slab of the spending costs by hiking US corporate tax rate up from 21% to 28%, and by imposing a global minimum corporate tax rate of 21%.
These moves would roll back his predecessor Donald Trump's expansive and very popular tax cuts and they've gone down like a lead balloon with many of the same business chiefs who had broadly supported the Covid relief package.
2 comments:
The new Woke generation of Democrat-Socialists will not be happy until ALL wealth in the country is controlled by them (except that belonging personally to them of course).
More of the same Obama "fundamental transformation of America." Everyone is warning that China is determined to make us a third world country and I think Biden et al, are determined to help them accomplish that goal.
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