As Nancy Pelosi measures the drapes in Washington, Democrats are plotting to rig U.S. House rules to raise taxes. The following Democrat tax hikes are being considered:
30% Corporate Income Tax Hike. Democrats want to raise the U.S. corporate income tax rate to 27%, a key Democrat told Politico recently. This would give the U.S. a higher rate than China and most countries in the developed world. Congressional Republicans and President Trump lowered the rate to 21% as part of the Tax Cuts and Jobs Act, which turbo-charged economic growth, job creation, and the highest wage increases in years.
If Democrats hike the corporate tax rate to 27% it represents a 30% increase in the rate, putting Americans at a significant worldwide disadvantage, killing jobs in the process.
As a direct result of the Republican/Trump corporate rate cut, utility bills — gas, water, electric — have been reduced in all 50 states. ATR has a list of such examples here. In each of these cases, utilities have cited the corporate rate cut as the reason for your utility bills going down.
So when the Democrats threaten to hike the corporate rate, they are looking at every American and saying, “We are going to raise your utility bills, month after month.”
Personal Income and Small Business Tax Hike. Democrats want to raise the top personal income tax rate to 39.6%, a major blow to households as well as small businesses who pay through the personal side of the tax code.
Death Tax Hike. Democrats have proposed a massive increase in the Death Tax. After working, saving, and paying taxes over a lifetime, families and businesses will get walloped with a much higher Death Tax bill under the Democrat plan.
Gun Tax Hike. Congressional Democrats have already introduced a bill to radically increase the federal excise tax on guns and ammunition. The bill’s sponsor has acknowledged he would like to make guns cost prohibitive and “outlaw them altogether.”
The Democrat gun tax hike bill does the following:
-Doubles the federal excise tax on pistols and revolvers, from 10 percent to 20 percent.
-Nearly doubles the federal excise tax on shotguns and rifles, raising it from 11 percent up to 20 percent.
-Nearly quintuples the federal excise tax on ammunition, raising it from 11 percent up to 50 percent.
The chief gun tax bill sponsor wants to outlaw guns and said he doesn’t mind if low-income Americans are unable to have guns due to his gun tax increase.
National Carbon Tax. The official policy platform of the Democrat party calls for a national carbon tax on the American people.
“Democrats are eyeing your wallet,” said Grover Norquist, president of Americans for Tax Reform. “Get ready.”