You get a million, and you get a million, and you, you get a billion of free money
Inspired by Oprah, last week, the Democrat-dominated Congress passed the so called American Rescue Plan (sic), effectively announcing, "You get a million — and 49 more — for "climate justice"; and you get a million — and 134 more — for the National Endowment for the Arts; and you, you get a billion — and 3 more — for subsidizing farmers from minority communities." And eventually, as the late Senator Everett Dirksen (R-Ill.) allegedly noted, "A billion here, a billion there, and pretty soon you're talking about real money." One point nine trillion dollars, as a matter of fact, which is very real money. Or was.
And where is this $1.9 trillion, or $1,900,000,000,000 written out numerically, or, to put it another way, "a million dollars multiplied by a million, or if you prefer, a thousand billion" coming from? Why, Satan, of course. Or dubious President Joseph R. Biden (D)'s and his Democrat co-conspirators' version of Satan: evil corporations, which make a profit, and nasty people who are very wealthy. In other words, just those companies that offered something people wanted and everyone who has a job and is in the U.S. legally.
As Bloomberg (yes, named after its mere billionaire owner, former New York City mayor and failed Democratic presidential candidate Michael Bloomberg) explains, this major wealth redistribution and corruption-inviting scheme depends on...tax hikes.
Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan
- Tax increases would help fund long-term U.S. recovery program
- Corporate, capital-gains levies targeted for hikes, aides say
President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter. (snip)
While it's been increasingly clear that tax hikes will be a component — Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates — key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.
Wait, there is even more.
The planned increases reportedly include raising the corporate tax from 21% to 28%, increasing the income tax rate on people making over $400,000, expanding the estate tax, paring back tax preferences on pass-through businesses such as limited-liability companies, and setting up a higher capital-gains tax rate for individuals making at least $1 million.
BTW, if you think that you, dear American Thinker hardworking middle-class reader, are therefore exempt, I have a nice $1,900,000,000,000 bill to sell you for only a dollar. Acceptable at all gas stations. There aren't enough billionaires and trillionaires and corporations around to pay for all of this and remain solvent. You will be taxed and pay higher prices to pay for all this free stuff that will go to mainly to...Biden supporters — e.g., profligate New York City and State, not to mention Nancy Pelosi's debt-ridden San Francisco, among other worthies.
As Neil Patel, economist and lawyer, notes:
Today, we owe more ... than $26 trillion.
Those numbers are so big nobody understands them. To put it in perspective, our entire economic output in 2020 was $21 trillion. If America could magically not spend a dime — nobody bought anything, including food or other staples — and we put it all toward paying off our federal debt for an entire year, we still wouldn't pay it off.
In more personal terms, our federal debt now amounts to more than $81,000 for every single person in the country, or over $227,000 for the average household in America.
So what's another couple of trillion in the great scheme of things? Will it be the straw that finally broke the camel's back, the debt ridden, inflation blasted, unsustainable madness of constant borrowing and forced wealth redistribution that rewards irresponsibility while punishing hard work that will break the great U.S. economy?
In a few more years, when the Democrats will still be blaming President Donald Trump (R) for the situation, the question might be answered. Prepare yourself.
Image credit: Yuk Weeden via Pixy.org, Public Domain.