(PJ Media) Democrats want a massive tax hike on everybody — including you, dear reader — if they can’t get an even more massive tax hike on “the rich” and “corporations” when Donald Trump’s 2017 tax cuts expire next year.
“The main goal here is this can’t just be a debate about the 2017 tax cuts,” Sen. Mark Warner (D-Va.) said, completely unshy about the threat. He told Bloomberg last week, “This is going to be Tax Armageddon.”
Prepare for the end of the world.
Federal income tax revenues jumped nearly $100 billion in the first year after Trump’s signature tax cuts went into effect and almost another $40 billion in 2019. The stupid and unnecessary COVID-19 lockdowns derailed that growth in 2020. Since then, revenues have continued to surge. Much of that “growth” was an illusion created by inflation, however, and the rest was due to increased taxes on energy and corporations which, of course, got passed on to consumers.
Reminder: Corporations don’t pay taxes; they collect them.
But Democrats are just getting started. The tax man never merely cometh for “the rich.”
Washington has a spending problem, and Democrats aren’t shy about how to solve it: tax us poor bastards back to the Stone Age.
There are two issues at play here.
The first is that Democrats have a desperate need to wipe out the Trump tax cuts because Orange Man Bad, although they hide it under the usual guise of “taxing the rich.”
