The battle over the Democrat-led $3.5 trillion reconciliation budget bill is leading to renewed arguments over tax rates. Because everything that’s old is new again, that means lots of repetition about the rich “paying their fair share” as Joe Biden and his party seek to justify dropping more inflation on the heads of the middle-class.
The current proposal would raise the corporate rate beyond that of China’s, which is the kind of thing a nation would do if they were purposely trying to drive businesses into the arms of a communist regime. A raise of the top marginal rate is on the table. Even still, nothing being proposed would come close to actually paying for the Democrat boondoggle, but I digress. That’s not an actual concern for them.
Anyway, here’s Biden promoting the idea that the wealthy have been getting a free ride and need to pay their fair share.
Look, I don’t want to punish anyone’s success, but the wealthy have been getting a free ride at the expense of the middle class for too long.
I intend to pass one of the biggest middle class tax cuts ever — paid for by making those at the top pay their fair share.
— President Biden (@POTUS) September 14, 2021
My response: Sucks to suck.
Elections have consequences, and no group threw more support, both financial and otherwise, behind Joe Biden than the wealthy. That’s especially true in regards to Wall Street, who helped Biden build a war chest that was 3x larger than Trump’s by the time election day arrived.
Of the $2.9 billion spent on the 2019-2020 campaign by Wall Street, 2.5x more went to Democrats than to Republicans. In fact, the congressional candidate who received the most money of the entire cycle was now Georgia Sen. Jon Ossoff. In other words, Wall Street fought tooth and nail to elect the man who would become the deciding vote to raise their taxes. And I’m supposed to feel sorry for them?
It’s not just Wall Street, though. No group did more to put Biden in the White House than college-educated whites, i.e. the most wealthy demographic in the country. Corporate leaders also lined up behind the current president and have only further pushed leftward over the last year, shoving a revolution of wokeness down American throats. Heck, the Chamber of Commerce, which exists to fluff big business while pretending it cares about small business, ran a shadow campaign to elect Biden.
But now, Republicans are supposed to line up to defend these people and save them from themselves? Yeah, you can count me out. As a matter of principle, I believe high taxes are bad for the economy, but I also believe in allowing people to suffer the consequences of their actions in hopes they change course. If Wall Street didn’t want to pay a 25% capital gains tax, they should have thought of that before showering Joe Biden will cash.
For far too long, Republicans have played the sucker for people who not only hate them, but actively work against their interests. Meanwhile, Democrats have gotten to claim the mantle of the middle-class while raking in money from wealthy elites. Those days are over. I think those that keep touching the hot stove are going to have to get burned. Let these people enjoy their new friends, and maybe, just maybe, they’ll stop supporting people who want to take all their money.