House Democrats just passed the following:
Violates Biden’s middle class tax pledge to oppose any and all tax hikes on Americans making less than $400k.
All 50 states will have a combined federal-state top marginal income tax rate above 50%. Eight states will pay a combined federal-state top marginal tax rate of over 60%.
87,000 new IRS auditors and agents.
50% increase in small business audits.
IRS “enforcement” funding 23 times greater than “taxpayer services.”
1.2 million more annual IRS audits; about half will hit households making less than $75k.
$2.5 billion special tax handout for trial lawyers.
$8 billion home heating tax.
$13 billion crude oil tax which will raise the cost of everyday purchases.
Imposes 95% excise tax on American pharmaceutical manufacturers.
$1.6 billion special tax handout for media companies of any size. Each company–broadcast, print, digital–can claim the tax handout for up to 1,500 employees.