It’s no secret that Democrats hate the Trump tax cuts. In fact, they hate just about anything that stands to benefit American workers. Just look at the tax plan they are unveiling ahead of this year’s mid-terms and you’ll see what we mean.
Should Democrats take control of the House or Senate, or God forbid both, they plan to overturn parts of the Tax Cuts and Jobs Act. Signed by President Trump in December, the tax reform benefits just about every American family.
However, proving they understand little about economics, Democrats plan to raise corporate rates, slash the death tax exemption, and tax the wealthy even more. While it might sound good or fair on the surface, it’s American workers and small businesses who will suffer.
The plan, presented by New York Senator Chuck Schumer, raises the corporate from 21% to 25%. Unfortunately, this would reduce if not eliminate some of the bonuses and raises companies give out to employees. In addition, the Democrat plan will hike the rate for the highest income tax bracket from 37% to 39%. Moreover, the plan reinstates the alternative minimum tax and slashes the death tax deduction by 50%.
So, in other words, Democrats will be raising taxes if they should happen to win the majority in November. And contrary to their claims, it will not be the wealthy who suffer. As is usually the case with liberal policies, it is the middle-class that pays.
Where Will the Money Go?
According to Schumer, the money they save (steal) from reversing the Trump tax cuts will be reinvested. “We want to roll back the Republicans’ tax giveaways to corporations and the wealthy and invest that money instead in jobs and infrastructure,” he said.
Wyoming Senator John Barrasso criticized the Democrat tax plan for taking money away from hard-working Americans. “More than 90 percent of American workers have seen more money in their take-home paychecks because of the tax relief law,” said Barrasso. “Now Senate Democrats want to take their hard-earned money away from them.”
Sad to say it’s a familiar tune. Hopefully, conservatives prove they aren’t dancing to it come November.