This is an opinion column. The thoughts expressed are those of the author.
Truth Seeking Truth
So Democrats want To Add New Taxes? Say It Aint So
Posted on September 7, 2021, by Michael Cavalier – Managing Editor
I am so glad I left the Democratic party. You’ve probably seen or heard of all the changes taking place in Washington right now, and some of them have left you worried. That’s because the Democrats have been on a tear recently, going so far as to propose new taxes on your investments! What happened to the party that told us they stood up for working people? I don’t know about you, but I think it’s time we fight back against these tax increases. Here are three reasons we should stand up to Democrats and say it ain’t so!
These proposals would add enormous complexity to an already deeply complex tax code while doing little to boost revenue in any meaningful way. As such, both should be viewed as Democratic attempts to score political points by beating up Wall Street — not serious attempts at reform. And that’s unfortunate: Reform of taxes levied on investment could indeed make sense — if only our legislators were willing to do so in a serious manner. For example, we currently levy double taxation on dividends: The firm first pays corporate income tax on its profits; then shareholders pay another layer of tax when they receive dividends from their stock holdings.
Given that corporations generally enjoy lower rates than individuals (at least under current law), there’s something to be said for just taxing dividends at individual rates instead. But we don’t need gimmicks like mark-to-market taxes — which effectively create a whole new layer of taxation — to accomplish those goals. Rather than trying yet again to crack down on investments and entrepreneurship, Congress needs to seriously consider real reforms: Start with ending double taxation on dividends. Instead of raising taxes on capital gains, reduce them. Instead of hiking corporate income taxes or trying to squeeze more money out of Silicon Valley giants or asset managers, kill many sacred cows in Washington.
Until then, it’s far better simply to ignore all these empty proposals from Wyden and his ilk. In fact, before I get called out for being unfair here: True deal-killers are incredibly hard to pass through Congress these days even with broad bipartisan support I’m sure mark-to-market will be no different. In which case, liberals’ demands for additional tax hikes aren’t worth paying attention to. If Democrats really believe in these policies, they’ll fight for them without hiding behind faux issues. Otherwise, maybe they shouldn’t bother fighting at all—and focus on what can actually be done with a Republican House.
Democrats are now running scared because they know their time of power in the House and Senate is coming to an end. They will try anything to stay in power, including starting their talking points of raising taxes on the wealthy to give away to freeloaders. What more needs to be said? They are just trying to gain votes by giving empty promises on how they are for the working American when in fact all they want is to keep power.
Empty promises of taxing the rich and doing it to help the middle class are as empty as an empty bottle of coke. After you open the bottle and get that throat burn from drinking so fast, and then the bottle is empty with them wanting more and more. Republicans need to join together and let’s take the leadership away from the Democrats before they hurt the country any further. I’m so thankful my eyes were open to the truth.
God Bless America, God save The Veterans.