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Democrats add $60 Billion in Tax Increase Into COVID-19 Relief Bill
Democratic members of Congress saw a head start on their agenda of tax increase, and they have done so by adding in three tax hikes in President Joe Biden’s COVID-19 relief plan.
The new tax hikes included in the recently approved plan amount to $60 billion overall. They’re mainly targeted towards big corporations.
According to Politico, one of these policies removes deductions for publicly traded companies that spend more than $1 million in employee payments. Another looks into how multinational corporations calculate their taxes. The third focuses on how unincorporated business owners account for the money they lose.
The report added that these tax hikes are in line with the Democratic agenda of increasing taxes for rich people. However, these provisions ended up being unnoticed because of how they are relatively obscure. Politico noted that these provisions will likely not be too newsworthy.
Tax Increase Provisions Added Late
These proposals were added into the plan late, and lobbyists did not have enough time to gather an opposition.
Many expected Democratic lawmakers to wait until later in Biden’s term to push for tax hikes. However, it seems they couldn’t resist adding them when the opportunity opened itself to them. These Democratic lawmakers included these tax hikes to protect the plan from a Republican filibuster when it goes to the Senate.
The news of Congress including a tax increase during a pandemic and economic crisis might be seen by many Americans in the wrong way. However, the Democratic lawmakers who introduced them may argue that it paved the way for adding provisions such as benefits for the unemployed and the waiving of Taxes.
The COVID-19 relief package backed by Biden passed Congress on Wednesday. The president signed it into law on Thursday.
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3 Comments
Joe Biden and the Democrats are introducing the beginning of the end of our country and our economy
Where did you get your information? Ending our country? To do that requires a war. So you’re saying the dems are going to start a civil war? Sorry I don’t see.it. plus you are saying the democrats don’t care what happens to our country. Just like any trumpet. You just pull shit out of your ass and run with it just like the person who desecrated the white house. You can’t prove what you said.is going to happen. And what are you going to do about it? No solutions just blame the democrats because you are a republican. This administration has plans to bring our infrastructure up to date. Let’s talk stimulus. I bet you had no problem receiving the 1400 dollars. Which not one republican voted for it. So instead of bashing them you need to thank them for the assistance. Then here is what you won’t do. Question the Republicans as to.why they didn’t vote to.look out for the people who voted them in? This guy Is trying to help us get back on our feet. The other guy calls people names then talks corruption and lie after lie. Still says the election was rigged. And his followers believe it without proof. This voting isn’t rigged. This isn’t Russia or North Korea! You forget this is America. Your supposed be proud. All that happens is you embarrass the Rest of real Americans. Yet you are more republican which is disturbing. Negativity runs rampant. You all need to say.out loud you are Americans first. I was in the military for 11 years and ended my career in Iraq.. I’ve paid for my freedom. See it is a privilege to have freedom not a right. And all this going on proves freedom is taken for granted.
Nativeone, why don’t you get your head out of your ass and stfu.