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First the $1.9 Trillion Stimulus, now for the $2 Trillion dollar Tax Increase


the staff of the Ridgewood blog

Washington DC, first the $1.9 trillion stimulus package ,now for the $2 trillion dollar tax increase . Democrats have been meeting this week to figure out how to pay for their multi-trillion-dollar avalanche of federal spending. Another $2 to $3 trillion may be in the works for the green new deal and infrastructure projects.

The Biden campaign tax plan calls for targeting higher tax rates on small businesses, American corporations, capital gains income, dividends, and inheritances. The graph below shows that tax rates are headed to 50% or more.

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From an international competitiveness issue, this gives all of America’s competitors a huge tax advantage. The Tax Foundation shows that the combination of the higher dividend tax and the rise in the corporate tax would give the U.S. the highest tax on corporate earnings in the world.

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Treasury Secretary Janet Yellen is also exploring a carbon/energy tax and a 2% annual wealth tax. The wealth tax severely penalizes savings and asset accumulation – which are fertilizers for growth. A 2% annual wealth tax erodes about 25% of one’s assets over a decade and well more than half after 20 years. The Orwellian media will love it as they love anything that hurts American competitiveness.

High tax states like New Jersey ,New York  will become unlivable under the Democrats tax plan and raising fuel prices will likely accelerating the already grim out migration picture of the two states.

3 thoughts on “First the $1.9 Trillion Stimulus, now for the $2 Trillion dollar Tax Increase

  1. Well, did you think they would just print the money? Maybe for their own, but not for the little people!

  2. COST: $1.9 Trillion (1,900,000,000,000) package

    COVID Relief: $422 Billion (422,000,000,000) in “$1400” payments
    Non-COVID: $1.478 Trillion (1,478,000,000,000) for socialist initiatives

    22% goes to COVID release / stimulus
    78% goes to socialist initiatives and bailouts to failed governments

    But its OK…. you get your $1400 (or not even that) so it’s a good deal.

    Keep voting for these people if you want to pay for turning the country into a communist paradise.

  3. There are plenty of people that didn’t miss a beat financially during COVID that wait for the stimulus checks like it was a heroin delivery.

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