Not yet tired of losing, Democrats are combating President Donald Trump’s increasingly popular tax plan by rolling out a tax-hike plan of their own.
Yes, tax hikes.
While Trump’s tax plan was initially unpopular, that’s to be expected in a media where 90% of the stories run on Trump and his administration are negative. Most Americans were under the incorrect impression that they’d see a tax increase from Trump’s tax plan, while only “millionaires and billionaires” would benefit. It’s true that millionaires and billionaires will benefit from the tax plan – but that’s only because everyone got a tax cut. Even in a world where everyone gets an equal tax cut as a percentage of income (suppose, a 10% across the board cut), liberal pundits can still spin the data to claim that the wealthy will receive a disproportionate amount of the benefits, because 10% of a millionaire’s income is significantly larger than 10% of a middle-class person’s.
Polling is finally turning around as Americans are receiving their paychecks, and noticing more money in them. Not only that, three million workers got bonuses from their employers as a result of tax reform at the end of the year (and will see similar bonuses next year).
It’s hardly something I’d try to undo if I were a politician, but, apparently desperate to lose more elections, Democrats are officially unveiling a plan to hike taxes.
According to Forbes,
Congressional Democrats released a detailed tax hike plan that they promised to implement if given majority control of the House and Senate after the 2018 midterm elections. So much for the crocodile tears about the deficit–Democrats want to raise taxes not to reduce the debt, but rather to spend that tax hike money on boondoggle projects.
Here are the details:
An increase in the top marginal income tax rate from 37 percent to 39.6 percent.
An increase in the corporate income tax rate from 21 percent to 25 percent.
Re-introducing the alternative minimum tax (AMT) for 4 million families.
Cutting the “death tax” standard deduction in half.
While most of these tax hikes don’t appear to directly affect your average American, that’s just how things appear on the surface.
Does anyone think corporations would’ve been dishing out $1,000-$2,000 bonuses to their employees in celebrating of tax reform if it weren’t for the corporate tax cut they received? What about the investment by those companies into new workers, and wage increases?
Of course not. While Democrats can accurately claim that the middle class won’t see their taxes increased under their plan, they’ll still be paying for it.
Let’s keep our fingers crossed that Democrats campaign on this disaster.
Will Democrats lose under this plan? Tell us your thoughts below!