Democrats propose a tax hike on recovering businesses

Democrats have proposed a tax hike for businesses. In an already lackluster recovery emerging out of the problematic shutdowns and destructive mandates of last year that literally destroyed thousands of businesses. The democrats want to gain back the stimulus’s given out and fund the new programs their $3.5 trillion spending package will entail.
The proposed tax rate would have us go back to 39.6% on couples earning more than $450,000 meaning that if you are successful almost half of everything you earn would go to uncle Sam before it ever goes to your family. For businesses it would raise the corporate tax from 21% to 26.5% for most corporations.

Even though many businesses are protesting and despite the fact this would undo many of the tax “benefits” that Americans enjoy due to the tax bill that president Trump signed into law democrats are pressing forward.

The bill in and of itself is a daunting and massive package that is as Rep. Richard Neal (D-Mass) who is the chairman of the ways and means committee said, the proposals would “expand opportunity for the American people and support our efforts to build a healthier, more prosperous future.”

Essentially this bill is a wish list of democratic priorities such as contact tracing, re-education initiatives, and how to confront climate change. With their insistent push many are wondering if sandwiched in this bill and tax hike will also be: The re-emergence of Obamacare or the mandate. One thing is for sure Democrats seem intent on not only raising taxes and undoing all of the Trump tax cuts.

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