House Democrats are now writing their version of the $3.5 trillion “human infrastructure” bill, detailing all the wish-list items they mean to ram through with zero Republican votes — including a host of economy-killing tax hikes.
No matter that the Trump-era tax cuts were bringing the best working-class wage gains in years before COVID hit: Dems mean to reverse them all and then some.
The Senate blueprint for the bill, for example, moves the corporate income-tax rate to 28 percent from the 21 percent level set by the 2017 Tax Cuts and Jobs Act. It also follows President Joe Biden’s call to double the federal capital-gains tax.
Both moves would slow the kind of business investment that allows for new jobs and rising wages.
Meanwhile, many smaller, unincorporated biz (and middle-class taxpayers) would get hit by increases in the top personal-income-tax rate. The Senate plan eyes a small rise from 37 percent to 39.6 percent, but Dems’ AOC wing will surely push for much steeper hikes in the House version.
The House might also take up Sen. Liz Warren’s push for a special 7 percent surtax on corporate profits above $100 million or embrace new “green” taxes on the fuels that still provide nearly all of America’s power.
All to help fund a host of new or enlarged social programs that would vastly increase the ranks of Dem-supporting government-employee unions, as well as green-energy spending that would likely reward Democrat-friendly companies.
Make no mistake: This is about transforming the federal government into a taxing machine that rewards Democrats and their friends at the expense of everyone else.
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