Biden’s Build Back Better Act

Disclaimer: The opinions expressed in “Letter to the Editor” should not be interpreted as the view of Jackson Parish Journal but solely as the person who submitted the text for publication. 

Democrats are proposing the largest tax increase in over 50 years. 880 pages with more than $2 trillion in tax increases, making it 4 times the tax hike of Obamacare. This bill is designed to reduce our standard of living, helping to reshape the American economy by permanently expanding government control of our lives.

With economic resources under control of politicians and bureaucrats, private sector control of commodities will be greatly reduced. If your Senator or Congressman votes for this bill, then he/she doesn’t care about you, period. It is here to take away options, thereby reducing your freedoms. The pockets of the favored will be full and Americans dazed from the punch from our Socialist Autocrat Ruler, Joe Biden.

He said his tax package would not touch people earning less than $400,000 per year, but families bringing home anything over $50,000 will get a tax hike. The Build Back Better Act will increase the top marginal tax rate for individuals to 46.4%, raise the top bracket from 37% to 39.6%. Higher taxes will apply to individuals earning over $400,000, and married couples earning over $450,000, will pay more. In other words, if you’re married, you’re penalized.

In 2018, the top 1% of earners brought home 21% of the income and paid 40% of all federal income tax, while the bottom 50% paid only 3% of taxes. By increasing the top marginal income tax rate, the bill will dramatically increase small business taxes. The Democrats proudly hold to their motto, “America Last”.

This bill expands the IRS’s tax code, double taxation of investment and savings, increasing the top capital gains tax rate from 20% to 25%, which taxes the added value of business activity. Starting a new business or investing in your business by expanding or growing in size will require you to pay more. This is designed to apply destructive pressure on all small businesses, hopefully getting them out of the way for the big monopolies.

The bill will increase the federal corporate tax rate to 26.5%, exceeding Europe’s 19.99% average, and even blowing away Communist China’s 25%! More business taxes will translate into reduced wages offered, increased prices, and reduced investment back into the business, which is what our elected officials are counting on! This tax code treats many costs of doing and expanding business, as if it were profits and taxes them.

This all leads to their goal of reducing the private sector. Any tax system that directly taxes both the input and the results of that input, penalizes business growth. These tax codes will be a red flag to international trade and a disincentive for any company to want to invest in America.

This bill will give the IRS a lump sum payment of $79 Billion, which it can use any way it wants to “strengthen tax enforcement and expand audits and other enforcement activities. The IRS has a history of overreach and abuse, and they want to give them $79 billion to hire more auditors. Everyone should pay the taxes they owe, but expanding the code and increasing the burden of citizens is wrong.

We should simplify the tax code and reduce the burden of taxes. Implementing provisions of the Green New Deal is a focus of the BBB Act, with $235 billion in tax incentives for green energy. The bill will subsidize labor unions by adding a deduction for union dues, give higher tax credits for union workers and give bonuses to green energy tax incentives that pay union prevailing wages. Newspaper journalist would qualify for a new refundable payroll-tax credit.

Our tax system should be simple, transparent and fair. This bill is another like so many before. The politicians will get their desired players to be awarded the contracts and they will get their kick-back, and American citizens will be the people that get up each day to hear the world laughing at them. It’s got to be fun to the Democrats to manipulate their flock and laugh at how easy it is to get them to do what they wish.

The truth is that these taxes will reduce your purchase power, cause an economic slow down, cause a decline in jobs and see wages bottom out. By penalizing private investments, the government will emerge as sole ruler to be obeyed. They will decide how the economy is organized and who gets to play.

Finally, this tax bill will be, “just what the Democrats ordered”. They can see you now, pacing back and forth in your new tiny living quarters, unable to travel freely, ordered to remain in place by your keeper. Smile at people as you die inside. You have chosen to be a lackey and will never again enjoy what this country’s citizens once held dearest: life, liberty, and the pursuit of happiness.

If you don’t vote these traitors out of office, you won’t have anyone to blame but the stupid person you see in the mirror. Thank you for your time.

Shannon G Morris

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