Democrats have always been known for bloated, unnecessary spending packages.
They sell the American people a bill of goods about how the package “will help them” all the while hiding how it will actually hurt them in the long run.
And recently the Democrats found a way to pay for Biden’s spending package and it involves your wallet.
House Democrats are plotting to raise the capital gains rate as one of several mechanisms to raise trillions of dollars for their new spending package.
The current proposal is the capital gains rate for “high-income” individuals be increased from 20% to 25%.
This number falls short of Biden’s initial plan to raise the rate by nearly double to 39.6%.
By raising the capital gains rate, Democrats hope to raise $123 billion.
Raising the capital gains tax though is just one of a few revenue-raising measures that Democrats are planning to introduce.
Democrats also want to increase the top tax rate on individuals making over $400,000 per year to 39.6% up from the current rate, which is 37%.
This hike applies to married couples who file jointly and make over $450,000 per year.
But they’re not done.
They also want to raise the corporate tax rate from 21% to 26.5%.
No matter which way you slice it, the Democrats are out to hurt Americans.
Democrats know they need every vote they have in the Senate and with holdouts like Joe Manchin they have no choice but to find “creative” ways to fund the bill.
The Democrats’ entire plan of tax increases would raise approximately $2.9 trillion over the next ten years.
That is of course short of the $3.5 trillion price tag on Biden’s bill, but who’s counting . . .
Senator Joe Manchin continues to say the $3.5 trillion price tag is far too much and has told party leadership he’s more inclined to vote for a pared back package in the $1.5 trillion range.
House Speaker Nancy Pelosi knows that, right now, she doesn’t have the votes and it’s yet to be seen if she’ll be able to ram this through.
Once again the Left proves they just don’t care about the American people.
Stay tuned to Conservative Underground News for any updates to this ongoing story.