President Biden unveils a $2 trillion spending package - how high will your taxes go?
Today on Sekulow, we discuss President Biden’s newly unveiled infrastructure plan. Of course, he’s planning to pay for it by raising taxes.
White House Press Secretary Jen Psaki talked about this earlier today:
What the President proposed is changes to the corporate – to make the corporate tax code more fair, bring the rate from 21% up to 28%, what it was before former President Trump took office, and dis-incentivize sending jobs overseas; something I think most people, most Americans think we should be doing anyway. If people have alternative proposals, we’re happy to hear them. But let’s talk about them. This is just the beginning of the process.
There’s a lot of things in this infrastructure package that would not really be considered infrastructure. Things such as roads, bridges, and airports are all infrastructure. But there are also a number of Green New Deal items in this package. For instance, part of the Green New Deal was putting $300 billion into retrofitting affordable housing as well as constructing and upgrading green schools. Some of that is fine, but it is right out oft the Green New Deal. In fact, I believe this is President Biden’s trojan horse for the Green New Deal.
Members of Congress on the Left are saying that the price tag on this plan is not going to be $2 trillion, but more likely it’s going to be $4 trillion and perhaps even more. How are they going to pay for it? As White House Press Secretary Jen Psaki said, tax hikes. You’ll hear corporate rates going from 21% to 28%. The highest it has ever been is 35%. You may immediately think, well I’m not a corporation so how does that affect me? Make no mistake, there are personal tax hikes being proposed, including a marriage penalty.
Remember, when corporate tax rates go up, the cost is passed along to the customer. Things become more expensive. Jobs move to other parts of the world, creating more unemployed Americans.. Even if you are not in the earning category where personal income taxes would go up, you are going to feel the impact of the corporate increase in a big way.
And these numbers could actually change for the worse when it gets to Congress. If they use the budget reconciliation process, it could pass with zero Republican votes, like the last stimulus did. That would not be a good thing for the country.
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The full broadcast is complete with much more analysis by our team of President Biden’s $2 trillion infrastructure spending plan and the Biden Administration’s plan for a vaccine passport - it’s not what you think. We also discussed Big Tech censorship of President Trump.
Watch the full broadcast below.
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