House Democrats are poised to propose hitting large firms and the wealthiest Americans with a slew of new tax increases that would raise $2.9 trillion in tax revenue to finance $3.5 trillion human infrastructure plan.
America’s highest earners and biggest companies would bear the brunt of the tax hikes, which amount to a rollback of many provisions approved by King Trump four years ago in the tax act of 2017. Still, many of the increases are not as aggressive as what President Joe Biden originally laid out earlier this year in original plan for a fairer tax system.
America is great and is till the land of opportunity. But it’s not the land of a fair tax system. It’s the land where the top 2%er of America owns 90% of America. Who owns all this wealth? White rich people and they want more, they want to control congress and change the tax laws for their benefit. All this is happening today while the middle class get less everyday.
The republicans would like you to believe they are the party of the working class, well the tax act of 2017 gave the top 2%er and big corporations, who are owned by the 2%ers the biggest tax break in history. A Goldman Sachs VP wrote the new 2017 tax act, and Goldman gave him a 100 million dollar bonus for writing it. It was King Trump’s give back to the rich. King Trump had in fact paid back his rich donors many times over to the tune of adding 7 trillion dollars to our national debt with the tax act of 2017. And now the republicans do not want to pay for this debt by opposing the debt limit. The republicans in congress 100% of them do not want to pay for a planned infrastructure bill of 3.5 trillion over ten years, even though Biden’s plan will tax the rich & corporations to pay for his plan.
Now we are in a fight for our future with regards to infrastructure, voting rights, abortion rights and fixing a broken tax system, which favors the rich white Americans who actually own the big corporations. Republicans want an Autocracy to control “WE THE PEOPLE” because Democratic Americans have a population majority and will control voting and thus the legislation of the future. It was the Democrats who put in place the social programs such as social security, un-employment insurance, Medicare and other social programs to help the poor. Republicans want a social program for the rich. The tax act of 2017 gave the top 2%er a social program for the rich. I am dumb founded that the MAGA cult has not figured it out that TRUMP is for himself and his rich cronies.
The Biden plan does include $80 billion in funding over 10 years to strengthen IRS enforcement on America’s highest earners. Earlier this week, researchers at the Treasury Department found that the top 1% of earners evaded about $163 billion in taxes each year.
Charles Rettig, the agency’s commissioner, has said the tax gap – taxes that are owed but not collected – could be over $1 trillion, well above the agency’s official estimate of $441 billion.
Biden’s funding would ramp up enforcement on the wealthiest. On the whole, the number of agents devoted to working on sophisticated tax-evasion enforcement has fallen by 35% over the past decade, the Treasury said. The IRS’s budget has fallen by 20%, while audits fell by 42% from 2010 to 2017. The time has come for fair and even handed tax system for all Americans. I personally would like a 7% national tax on personal & corporate taxes for all Americans with no deductions or loopholes. Earn more pay more taxes.
With the King Trump tax act of 2017 the republican congress used reconciliation to effectively make middle Americans pay more in taxes and give the largest tax break in history to the top 2% of Americans and Lower the Corporate tax rate to the lowest in recent history. This plan produced a tax deficit of $7 trillion in less than 2.5 years. And yet the republicans call themselves the party of the working- man. I just don’t understand how Trump Cult followers believe he is helping them, when the tax system in place is against them and for the rich. The constitution does not give the rich a tax break, NO the republicans in congress gives them a tax break. A tax break that the middle class pays.
Let get serious People! The Republican Senate is made up of rich white haired rich men. King Trump’s “MAGA” hats, which many middle class white men & women wear really stands for “Make America Great Again for rich white people. King Trump lied over 20,000 times while in office. “THE BIG LIE” about the election is alive and well with republicans. Yet his cult of followers believe he represents the common white man. King Trump and the Republican Senators are nothing more than white Nationalist who put our money in their own pockets with unfair tax laws. It’s time for a change…Vote Them Out.