Well, it doesn’t appear the area’s other local columnists are going to say anything about the Biden presidency, so it’s being left up to me. Surprising, given how vocal they were about the failures of Trump. One might be led to believe they are comfortable with Biden’s first 100 days and the push toward socialism.
To put this in golfer terminology, it appears our local columnists have left the fairway wide open for me. Finding a place to tee off this rant is problematic. That’s because there’s so much to opine about on the Biden Bolshevik Subversion.
One might discuss the fiasco at the border; ludicrous infrastructure spending bill; creeping inflation; XL pipeline; Biden’s belligerent “systemic racism” and “Jim Crow” mantras; lack of son Hunter’s prosecution; Supreme Court packing; gun control; Washington, D.C., statehood — all subjects I will probably get around to haranguing. Lots of material there, boys, should you want to play through. We’d all love to know what you have to say.
So, on this first “Biden fairway,” I’ll just take out a 3 wood and hit one down the middle to get this one in play. Wish I’d do that more in my regular game!
Take Biden’s absurd notion to raise taxes. (This is where readers should shout, “Nice Drive, Alan.”) After the year from Hell that was 2020, a year in which the China bug became the one thing that could stop Trump’s economy (interesting how that worked out) the country showed signs of recovery. This was mostly due to people getting over the fears, trumpeted by the media, that we were all going to perish, and going back to work.
So, what does Biden announce; he’s going to charge us and the corporations we work for, more taxes. One would think he could have waited a year or two to let people, especially small business owners, get their feet back on the ground. But it’s just in a Democrat’s nature to stick their hand in our pockets — they can’t help themselves.
Biden’s now boasting he’s going to “make the rich pay their fair share.” Yep, that tired old axiom … has been rolled out again. “Those making over $400,000 per year need to pay more,” he states. (Interestingly, that number’s exactly what he’s paid to be president.)
Is there anybody out there that still believes that “tax the rich” lie anymore? If so, do you want to buy some land in south central Florida, too?
Folks, people making that kind of money own things the rest of us use — restaurants, real estate, car dealerships, manufacturing, etc. If the Bolsheviks raise taxes on those folks, they’ll just increase the costs of their goods or services. It’s simple economics. You’ll pay more for your hamburger, apartment rent, new car, and that new set of golf clubs you’ve been eyeballing.
American economist Thomas Sowell expanded on this lie, “High tax rates in the upper income brackets allow politicians to win votes with class warfare rhetoric, painting their opponents as defenders of the rich. Meanwhile, the same politicians can win donations from the rich by creating tax loopholes that can keep the rich from actually paying those higher tax rates …”
This happens all the time, folks — that’s why wealthy elitists vote Democrat.
But that tax increase plan is nothing compared to what Biden wants to unleash on corporate America, both nationally and internationally. On top of the tax increase, he also wants to double the capital gains tax rate — always a dumb idea. Much of that money is double-taxed. Businesses will pass this on to their customers, too. Investors will have less money to invest in job-creating initiatives as well.
Stay with me here. Biden also wants to double the global intangible low-tax income (GILTI) and change many rules that are currently in effect. This will cause companies to bring less of their overseas profits back to America to tax, and make American companies less competitive in the global market.
I’ve probably over-simplified the capital gains and GILTI explanations, as they are mind-numbing to research. I can’t stay awake that long. One would have to be a tax accountant to get any enjoyment of understanding it … and will probably write to tell me what I left out. In his current mental state, there is no way Joe Biden understands it either — he’s being schooled. Bottom line, it amounts to more money for our government to control; you know, sort of like socialism.
The reason all this is being pushed is that Democrats have to pay for their drunken spending, expansion of government (and their unions) and crony capitalist special interests. Some of that money winds back in their hands, too, ain’t that right, Hunter? They lie when stating this can be done on the backs of so-called rich people and corporations. It doesn’t work that way folks — it will cost us all in the end. Nobody needs pay more in taxes, and loopholes need closing. We elect people to serve us, not steal from us.
Above all, we need to turn off the spending spigot.