Newsline

National Security , Newsline

Democrats Propose Tax Hikes that Surpass Communist China’s

Posted on Friday, October 29, 2021
|
by AMAC Newsline
|
106 Comments

AMAC Exclusive

Americans received more unwelcome economic news yesterday as third-quarter GDP numbers fell far below expectations, marking the slowest period of the recovery to date. However, despite clear signs that their economic policies are already hampering the recovery started under President Trump, Democrats continued to press forward with their massive spending package officially titled the “Build Back Better Act,” or BBB. While the sticker price of the legislation was dropped to $1.8 trillion last night (even though many experts predict the package will end up costing far more than the advertised price) the bill still amounts to a massive expansion of the federal government’s reach that will cost taxpayers dearly. For a country still struggling to recover from the pandemic and facing new pressures from runaway inflation, supply chain woes, and a growing threat from Communist China, that’s anything but good news.

As the Democrat-controlled House Ways and Means Committee unveiled last month, Biden’s spending plan would increase the corporate tax rate from 21% to 26.5%, above the global average of 23%. According to the Tax Foundation, such an increase would also subject American companies to a higher tax rate than Communist China. There, companies pay a 25% standard corporate tax, and certain industries encouraged by the Chinese government can see rates as low as 15%.

The Democratic plan would also increase “the long-term capital gains and qualified dividends tax rate to 25%” according to the Tax Foundation, and would create “a new 3% tax on modified adjusted gross income above $5 million, in addition to the current law 3.8% net investment income tax.” This, combined with state-level taxes, would make the integrated tax rate for corporate income 56.6 percent, more than double that of China. This would give America the third-highest integrated tax rate in the developed world. The only nations with a higher rate would be Ireland and Korea. As destructive as this would be for American enterprise, some Democrats are going even further.

On Wednesday, Democratic Senator Ron Wyden proposed arguably the most radical tax proposal in history. His plan would create a tax on “unrealized” capital gains. Currently, individuals only pay a tax on investment profits, or capital gains, once an asset is sold. This plan would tax assets as income, regardless of whether they are sold, meaning individuals would be forced to pay taxes for simply owning assets. While Wyden insists this plan would only affect billionaires (hence calling it the “Billionaires Income Tax.”), once the precedent is set that all private asset ownership can be taxed by the federal government, it would almost certainly spread to all wealth groups. The proposition has divided  Democrats, and some are even outright questioning its constitutionality. However, Biden Treasury Secretary Janet Yellen has also recently floated the idea, suggesting that it may not be as far-fetched as most Americans would hope.

Even the supposed “compromise” tax proposals paint a concerning picture for American businesses. In the latest framework released Thursday, Democrats would institute a 15% minimum tax on companies that earn over $1 Billion in profits. There would also be a 1% surcharge on all corporate stock buybacks. Companies often buy back shares to stimulate demand while internally controlling the supply. Qualifying companies have already bought back $609 billion of stock this year, and CNN calculates that these buybacks would have resulted in $6.1 billion in additional taxes. However, they did not outline what effect this would have on companies’ decisions on whether or not to initiate a buyback. Though the White House has suggested that this framework could likely be in the final framework, no firm decision has been reported thus far.

Regardless of how revenue is raised, Biden has failed to answer one central question about his social spending plan: does America need it? With inflation continuing to spike, a growing chorus of economists is calling on the government to reign in the money supply, not “pour gas on the inflation fire.” Similarly, many American companies are still struggling under onerous COVID restrictions, supply chain challenges, and ransomware attacks that the Biden administration has done nothing to stop. Ironically, this bill, aimed to stimulate and grow the economy, would in all likelihood cause a market contraction.

The chaos surrounding the bill’s passage does not reflect well on Democrats. The constant party infighting has revealed that the much-touted, “big tent” of the American left is far more divided and disorganized than previously thought. It has also shown how far Democrats are willing to go to fulfill their social spending priorities. These revelations and continuing questions of the competence and effectiveness of Democratic leadership do not bode well for a party facing a huge midterm cycle next year.

Share this article:
Subscribe
Notify of
guest
106 Comments
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
Ruth A Lance
Ruth A Lance
2 years ago

Let’s Go Brandon

Bill on the Hill
Bill on the Hill
2 years ago

The ” unrealized gains ” is a real beauty for sure, only a democrat would come up with this one…
For example, you are invested in the stock market & in the same year year you have a $4000.00 gain in stock value, you never touch it, tough times hit, you lose the $4000.00 gain in value, basically you are back to where you started from in the first place…The gotcha moment is about to happen, the IRS taxes you on the initial $4000.00 gain, no escaping it…Only in a Biden universe would this be allowed to stand… Well, he was ALLOWED to steal an election, expect to see more insanity coming from this group of nefarious crooks as their just getting warmed up folks…
Just last evening Yellen says & I quote, ” none of this will cause inflation “…Biden says & I quote ” this won’t cost taxpayers a dime “…
Hello, no inflation? Gasoline prices going through the roof, food prices going up, up, up, empty store shelves… I don’t know what planet these people come from, but surely it can’t be planet earth!
Beam me up Scottie, their is no intelligent life down here…
Bill on the Hill… :~)

Steven H
Steven H
2 years ago

Flat tax.

Kyle Buy you some guns,and learn how to shoot
Kyle Buy you some guns,and learn how to shoot
2 years ago

When do we get to pay a tax on tax. ???Kyle L.

DanF
DanF
2 years ago

If these people had half a brain they would see they are causing the destruction of this country’s economy. My question is are there any intelligent people in the US Congress today?

irene
irene
2 years ago

the demon rats should can their name to the communist party of America. to all you people who love this party and vote for all their evilness, do not give me your bull shit about how Christian they are or how they love the Jews of the World and Israel. they hate both these groups of people and they want death to them. you are damning your own life here on earth and your soul after you die to hell. I do not have to curse you to hell, you blind and deaf fools are doing it yourselves. and you are making a hell of this world for all people. enjoy your short time here for you will be the ones paying in suffering in end of your story. and all stories end my friend

Hal
Hal
2 years ago

Joe Hidin’ Biden and his DemoCommmie Party are going to put this Nation in a bind for years to come. They will make the mess, get kciked out of power,… and when the Republicans and Independent Partys try to recover it, the DemoComs will blame them. That’s how many historians analysis seem to see the 1930’s depression era. And don’t be naive about the News Media of this Nation … it promotes Communism in its propaganda role for the DemoComs with a few exceptions.

BAE
BAE
2 years ago

Many Republicans sit there and do nothing, too. A bill must be passed and the American
tax payers must demand the congress and senate must retire at age 60 ! ! !
And that is too LONG……………

BAE
BAE
2 years ago

Now Crazy Joe, president of the US of Mexico wants to give $1,000,000 to each illegal.
For their VOTE. He’ll give them nothing. ALL hot air. But they’ll buy into the BS.

Sean Richman
Sean Richman
2 years ago

The liberal,socialist,marxist democrats are on a revenge agenda,they don’t understand how AMERICANS can believe that PRESIDENT TRUMP had the solutions and they,the densocRATS have not one clue about how the real AMERICANS think,but,I think that the time is coming when they WILL have figure it out.

Jan
Jan
2 years ago

Again I request that the word “Democratic” not be used to describe Democrats plans. The current Democrats in office don’t seem to know what democracy is and their plans, BBB plans, tax plans, immigrant plans, etc, are not examples of democracy in the United States as was written by our founding fathers–which the Democrats seem to be ignoring. Help!!

Nobody’s Business
Nobody’s Business
2 years ago

Read comments on different forums and you’ll find out Democrats will not last long once confiscation of peoples money starts. It’s called Civil War first you go after politicians that propose such crap as taking peoples money before they sell something then you go after the people that vote for those idiots. The reason they don’t want to teach history in schools anymore is because they don’t want you to know what happens in a Civil War!

Joanne 4 justice
Joanne 4 justice
2 years ago

The bills MUST BE KILLED ! ANY IDIOT KNOWS that their party has done NOTHING GOOD: for America since JAN 2021!!!! These sick Socialist
– funded politicians will say and do ANYTHING for CONTROL POWER AND MONEY $$$$$$$$ I AM NOT PARANOID ……………..BUT ANY COSTLY TRILLION $$$$$$$ HUGE EXPENDITURES SHOULD BE CAREFULLY WRITTEN IN A BIPARTISAN MODE WHERE AMERICANS CAN TRUST IN THE INTEGRITY AND CONTENT IN A HUGELY EXPENSIVE LEGISLATION !!!!!!
BIDEN AND COMRADES HAVE .PROVEN THEIR POOR DECISION MAKING
,THEIR REFUSAL TO ACKNOWLEDGE OR TO CORRECT ALL THE PROBLEMS US is
FACING AND THEY ARE CLOSE MINDED AND STUPID STUPID STUPID TO THE NTH DEGREE!!!!!……
………………..THIS CORRUPT PARTY WANTS TO BECOME THE ONE AND ONLY PARTY!!!!!! IT’S BLATANTLY OBVIOUS ! ..
I DO NOT WANT TO LIVE IN A SOCIALIST COMMUNIST COUNTRY !!!!!!;, DO YOU ????????
. IF YOU THINK THIS SITUATION IS A JOKE ……………
YOU ARE STUPID !!!!!!!

y

.

.

Traditionalist
Traditionalist
2 years ago

Mr. Biden has a dep monetary connection to China. This may be his marching orders from them.

Gloria Hensley
Gloria Hensley
2 years ago

Democrats are communists – and trying to outdo them. When we stop all of the child sacrifice, God would be able to look at us with peace and mercy. If we keep killing and abusing children – He can’t.

Gregory Russell
Gregory Russell
2 years ago

Socialism is expensive…

Kelli
Kelli
2 years ago

Every time I think Biden can’t screw us worse-he does it again!! Let’s Go Brandon!!

Mike S
Mike S
2 years ago

The Democrats are the best friend the Chinese ever had.

Steven
Steven
2 years ago

And people wonder why this has become my favorite phrase… LET’S GO BRANDON!

Hal
Hal
2 years ago

is this article asserting that the Joe ‘Biden is aiming to get more taxes (not including soaring inflation) that the ChiComs??? That does have a ring (er, gong) of truth to it!

porterv
porterv
2 years ago

Democrats are communists.

toprudder
toprudder
2 years ago

“Democratic Senator Ron Wyden  finance.senate.gov/imo/media/doc/Billionaires%20Income%20Tax%20-%20One%20Pager.pdf proposed arguably the most radical tax proposal in history. His plan would create a tax on “unrealized” capital gains. Currently, individuals only pay a tax on investment profits, or capital gains, once an asset is sold. This plan would tax assets as income, regardless of whether they are sold, meaning individuals would be forced to pay taxes for simply owning assets.”

So, if the stock market went down, would they allow all of us “loosers” to have an income tax deduction for “unrealized capital losses’?

Bwa Ha
Bwa Ha
2 years ago

We’re well on our way to become a Biden gift to china. Biden’s doing all he can to destroy our Constitutional Republic and make us just another socialist pawn of China.

IMHO

IMPEACH BIDEN!

TRUMP2024! MAGA2024!

FJB! LET’S GO BRANDON!

Granny39
Granny39
2 years ago

F*** JOE BIDEN! and all the rest of the demonrats too.

Richard Tanner
Richard Tanner
2 years ago

They really don’t care what happens to the people. These taxes will on trickle down to us bottom dwellers in the middle and lower classes. If we had a 10 to 15 percent flat tax that everybody paid we would have more money than we need in the government. The problem then would be to keep government leaders from stealing it for some stupid ideas.

James Thompson
James Thompson
2 years ago

TAX REVOLT! we’ll all be homeless some anyway!

Eddie Van Halen
Eddie Van Halen
2 years ago

If there are very many intelligent forms of life, in America, the ( D ) communists are on borrowed time. Thing is that we CANNOT let the dogs use mail-in voting, and watch the polling place workers at gun point id need be. Have you seen the videos of them throwing Trump ballots in the trash or not counting them ? Those ‘folks’ need to face a firing squad. Period.

Carol
Carol
2 years ago

The tax on “unrealized gains” is totally unconstitutional! The Constitution forbids Congress to apply a direct tax on citizens of which assets falls under! Only when you sell an asset and earn a profit can the profit be taxed as income based on the 16th amendment! But since Democrats don’t give a rat’s behind about the Constitution, I wouldn’t put it pass them to try any unconstitutional tax! And if they raise taxes on corporations, the economy will tank as more jobs will be sent overseas. How will that fare in the next election? Maybe its time for those useful idiots of the left see how much the Democrats really care about them! Only when folks are hurting do they really start to care, it’s sad to say but maybe necessary to turn the country around!

Tim Toroian
Tim Toroian
2 years ago

If one taxes unrealized capital gains don’t they also own refunds on unrealized losses?
The Democrats are nuts and trying to turn us into a second-world country and a third-world one if many ILEGALLS come.
Saw an African guy in the caravan yesterday on T.V. I’ve worked with hundreds and can recognize some by country but the clincher was his accent.

H L Howell
H L Howell
2 years ago

If you have any doubts about how the commie left would treat you, just watch any committee that j nadler is the chair. not capitalized on purpose!

Backwoods
Backwoods
2 years ago

Oh but the Braindead, Bumbling, Beijing, Biden wants to give $450,000 to illegal immigrants separated at the boarder. While we were shut down for a year and got a $600 stimulus. Anyone voting for a Democrat or RINO in the next few elections needs to check their moral compass.

anna hubert
anna hubert
2 years ago

That party is no longer Democratic has not been for long time I don’t know why is still called that for it’s opresive reactionary down right toxic set on destroying America as we once had it’s a force as deadly as islam

GKP
GKP
2 years ago

I hope the dumb INDEPENDENTS and the FEMALES and the DEMOCRATS who voted for this Slime Ball Joe Biden have learned a lesson about Taxes/Taxes/and more Democratic Taxes and everything else this loser has screwed up in 10 months// Trump was the best President the USA has had since REAGAN// Wake up all you women who thought Trump was a wise guy,but every move he made benefitted the USA and NOT the illegal immigrants and China//Let/s get rid of this ugly regime in the D.C.Darkhouse

Carol
Carol
2 years ago

This should not surprise anyone. Dems have always spent more then they should and then they turn to our enemies to borrow money to pay our bills…IT NEEDS TO STOP!!

TPS
TPS
2 years ago

The more money he wants to give away, has to come from somewhere? Taxpayers, after all that’s what they’re there for, cash cows!

Paul W
Paul W
2 years ago

Draconian tax rates are the only area that this ccp compromised regime (and puppet-boy isn’t the only one that’s compromised) that also colludes with the ccp (search biden, huawei), will “surpass” them in. We’re mirroring a lot of the ccp’s policies, but we’re well on our way to becoming a lot more like Venezuela. This regime must go…yesterday.

Garye
Garye
2 years ago

Wake up America!!!
These leftist democrat losers with there communist democrat comrades are DESTROYINH Our Country!!!
Expose,resist and REMOVE this cancer NOW!

Jude
Jude
2 years ago

I am so sick and tired of the current Biden administration (which is most certainly being run by the deep state) that I could puke! We have got to vote all Democrats out of office and get things back to the way they were under Mr. Trump when he was president

James Thompson
James Thompson
2 years ago

The Biden Administration is owned by communist China.

DJames
DJames
2 years ago

The longer the American population take this terrorism as “Sheeple” the harder it will be to save America. We need to protest in mass before it is too late.
Pray to God for leadership in this war of Tyranny !

PaulE
PaulE
2 years ago

Another article that continues to dance around the reality of what is going on to the detriment of the average reader. The Socialists that make up the Democrat Party have a very clear and concise agenda. They are NOT stupid. They are NOT misguided. They are trying to implement a well-worn plan that has been used successfully in a number of other countries around the world to institute a socialist government, where the government controls and directs all aspects of the economy and human existence.

The Democrat Party DOES NOT share our values with respect to how the nation should be run or approve, contrary to what their rhetoric may say, of how we have individual rights and freedoms that limit the degree of control the government has over us. That runs counter to the socialist model of governance, which is their end goal. Put simply what they a currently trying to accomplish, via the two bills being crafted in Congress, is to engineer the take down of the United States by legislative means that will undermine all aspects of our economy that has allowed this country to grow and prosper for centuries, while also affording individuals the opportunity to better their lives over time.

Yes, China would end up with more favorable tax policies that we have should these two congressional bills pass and be enacted into law. President Xi is no doubt very happy with what he sees going on here. That will have the immediate effect of reversing all on-shoring efforts begun under President Trump and result in hundreds of companies moving back to China, Southeast Asia or Mexico. Money moves where it is treated best. That movement of companies off shore will of course result in a rapid increase in American unemployment as jobs move overseas. The number of new companies formed in the United States will also drop off and essentially flatline. No one with any common sense will start a new business in an environment that is so openly hostile to business and capital formation. Mid to high net worth individuals will certainly not stick around, if anything like the wealth tax that Ron Wyden is proposing, his so-called “unrealized capital gains tax” is enacted. Ask France and the other countries that tried this scheme how it worked out. Ultimately, they all had to repeal those taxes because they produced no where near the revenue the governments anticipated and came close to crippling their economies. Again, China will be the big winner in all this, as our economy essentially flatlines.

The biggest employer in the United States will be the federal government, as the administration state has to massively increase in size to handle all the new social welfare programs, climate change regimes and government oversight of all aspects of our lives. This is consistent with what I have seen in other socialist democracies around the world. The private economy is essentially stagnant due to multiple layers of taxation and regulation, but the size and scope of the government is always expanding. For most citizens of those countries, the dream is NOT to work in the private sector, but instead get employment in the government bureaucracy. Thus you see very little in the way of business formation or innovative solutions coming out of those countries. There is no equivalent to Microsoft, Apple, Intel or any other innovative company to be found, which is why socialist democracies are so focused on taxing American companies selling their goods or services in these countries. Their own economies are stagnant and high employment and inflation are the norm.

As for the middle class here in the United States, all these Democrat proposed taxes that are supposedly just targeted at “the rich” will quickly be expanded to include most Americans. Once it become readily apparent that the Democrats need hundreds of billions more each year to fund their massive expansion of the social welfare state and to pay for their climate change scheme. That is how all these supposed taxes always work out. Everything from our income tax to the AMT were originally sold to the public as just limited to the very high income sliver of the population, but within a few years were impacting nearly all Americans. Since most members of the middle class lack the financial means to simply renounce their American citizenship and buy a new citizenship elsewhere in the world, they will be stuck here being rapidly drained of whatever they have accumulated. All while the Democrats keep trying to play one group against another as a diversionary tactic and grow obscenely wealthy at our expense.

Of course the American people still have the means to prevent all this, but it seems the will to do so is in short supply. Enjoy the weekend.

Bob L.
Bob L.
2 years ago

I was not paying attention to what was playing on the news yesterday, just had it on in the background while I was busy. Something caught my attention and made me listen up during Biden’s prepared “reading”. What he was saying was so outrageous I could not believe the regime was actually trying to pass off the lies he was saying. It only too about two minutes until I just had to turn the TV OFF!!!! I couldn’t stand to listen to the lies.

don heer
don heer
2 years ago

HEY MAN joe is only answering what his chief adviser told him

Joyce
Joyce
2 years ago

We. Americans, cannot afford these humongous tax hikes. With prices rising so high, what are we, those living on fixed incomes, going to do? How long will it be before they take our Social Security from us? Those of us who depend on it to live will have no choice but to decide whether to keep our homes and get our prescriptions and food, or live on the street with no money for food or prescriptions. Some of us will die without our medications. I guess that is what Biden wants and then the population willd decline. I AM SO ANGRY BECAUSE BIDEN, HARRIS, PELOSI, SCHUMER AND THE ENTIRE CABINET ARE SO INEPT. I DON’T SEE HOW WE CAN WAIT UNTIL WE GET A NEW CONGRESS!

Stephen Russell
Stephen Russell
2 years ago

Why? to impress others? Who aside China??
NO we dont need it

TIM C MCCARTNEY
TIM C MCCARTNEY
2 years ago

I feel like the USA has all our credit cards maxed out and now we are trying to get more credit.

herblady
herblady
2 years ago

Every document he signs is illegal, in violation to the USA founding documents. I don’t care if congress did vote, that was illegal also and very carefully planned and Paid for. The objective is to collapse to USA Economy, so China can become the World Power. That’s what the Globalist want, destroy America, remove the last of our few Freedoms, that are not totally shredded. Freedom of Speech is gone, Protesting for Patriots is gone, Freedom to Work and have a home and Family under God’s Guidelines and Laws is Totally gone. Religious Freedoms Gone and the Pastors and Churches have helped to destroy this Freedom. The last thing they have to take is the Guns, and I assure you they are and have been working on a Huge plan for that. You think the Lies about two weeks lock-down and oh no Mask don’t work, to if you Now don’t wear a mask No work No School, No Medical care, No Food. ALL OF THIS IS THE PATHWAY TO THE MARK OF THE BEAST. THEY ARE LAYING THE FOUNDATIONS. TO BAD BILLIONS ARE TO FOOLISH TO SEE THE TRUTH. Everything the Leftist/Marxist Touch they Destroy. This is obiden 3rd term and he means to complete what he’d hoped hillary would’ve done. That’s why they cheated so blantly to get Trump out and obiden in. They have a time table, they’ve agreed to. Don’t believe me read their books, their web pages, their agenda’s. This has been planned for years, this Covid Plandemic and these Kill shots are all part of it. The shots are to cover up all the vaccines Injuries/tyranny the past 30+ years, that’s why so many of the bodies are being cremated. They are poisoning and killing Millions, will soon be Billions for population control. They Worship the Earth/Sun, Nature, it all goes back to Nimrod, and the Tower. What Brannon Howse, WVW & Frankspeech, read his Books and those on his WVW site, also Leo Hohmann and all of his many Articles and Books, Technocracy.(news) site, way too many to list. The truth and proof is out there. Why so many foolish people keep getting these Bio-Weapon injection can only mean they are Brainwashed, totally taken over by the BS and Propaganda the Media has pushed for way more years than I’m old. Not only are these Covid injections pure poison so have all the other prior vaccines, and much of the Pharmacy Drugs the FDA/AMA push on people worldwide. Statin’s pure poison, Psychotic drugs pure Poison, HP drugs pure poison. The 2 problems that all people have that leads them to illness and health issues, is DIET & LIFESTYLE.

Joe M
Joe M
2 years ago

Democrats are on a fast train to HELL…….literally !!!!

Jan Koehler
Jan Koehler
2 years ago

I stopped reading when writer called this a democratic plan. It is NOT a democratic plan but a plan from the Democrat party. If the writer can’t get that correct, I don’t trust what they say as correct. They also don’t tell who wrote this but person was incorrect in their use of the language. Probably thinks we have a democracy instead of a republic.

An older blonde women laughing in the kitchen with a grey haired man.
AMAC’s Medicare Advisory Service
The knowledge, guidance, and choices of coverage you’re looking for. The exceptional service you deserve.
The AMAC App on 3 different iPhone
Download the AMAC App
The AMAC App is the place to go for insightful news wherever you are and whenever you want.
Railroad worker with adjustable wrench on railway in spring in summer day
Vote here sign board placed near polling booth for showing direction to voters showing with copy space
Pro-life supporters holding a banner wlak in annual March for Life
Brandon Johnson for Chicago Campaign Logo with Woke stamp in red

Stay informed! Subscribe to our Daily Newsletter.

"*" indicates required fields

106
0
Would love your thoughts, please comment.x
()
x

Subscribe to AMAC Daily News and Games