More Taxing Foolishness

This time, it’s on plastics and plastic production. Senate Majority Leader Chuck Schumer (D, NY) and Senator Sheldon Whitehouse (D, RI) each have their schemes for generating a national tax on plastic production as part of their $3.5 trillion reconciliation spend- and tax-a-thon.

Such a tax would be intended to discourage plastic production and sale as part of the Progressive-Democrats’ move to eliminate carbon from our economy.

Here are some uses to which plastics are put, though, products of which Progressive-Democrats’ move would greatly increase the cost for average Americans.

  • piping
  • plumbing
  • vinyl siding
  • gutters

Because

Here’s a short list of the ways President Joe Biden (D) and his Progressive-Democrat syndicate in Congress intend to take your money away from you.

  • Raise the top individual income tax rate to 39.6%

This applicable to the group of Americans at the top of our economic ladder: single individuals with taxable income of more than $452,700 and married couples with joint taxable income of $509,300. Never mind that these folks, far from just sitting on their money, (re)invest it, which facilitates innovation and job support and creation. Notice, too, that this tax restores the marriage penalty to our tax code.

Tax Gaps

And tax gaps.

Congressman Kevin Brady (R, TX) and Senator Mike Crapo (R, ID) are properly concerned about the gap between taxes collected by the IRS and taxes actually owed by Americans and our businesses.

Their concerns are entirely valid, but they’re secondary.

When asked where Brady would prioritize reforms within the IRS, he told FOX Business he would like to see the agency do better with the resources it has, including smarter auditing and better information gathering to target and win cases against taxpayers.
Secondly, he said he would like to see funds put toward customer service initiatives.

Unfair to Whom?

The subheadline to Mick Mulvaney’s op-ed in The Wall Street Journal drives the salient question:

The “global minimum tax” battle may set an example for those who consider low US state levies “unfair.”

This comes against the backdrop of President Joe Biden’s (D) and his Congressional Progressive-Democrat cronies’ drive to give our domestic economic sovereignty over to an international “agreement” concerning the proper levels of business taxes. That international gang, centered on the OECD, insists that more is better, more is fairer.

Fair to whom, though? Nor Biden, nor his cronies, nor his OECD BFFs are willing to say, beyond insisting that Government needs more and that tax competition is somehow unfair.

On the Verge

…not only regarding the vast damage that will be done to our economy by President Joe Biden (D) and his deliberately anti-bipartisan Progressive-Democrat cronies with their soon to be unilaterally inflicted spend- and tax-o-rama bills.

Biden’s Progressive-Democrat Treasury Secretary is about to surrender American national sovereignty to an international consortium in the form of putting our Congress’ Constitutionally mandated taxing authority under the control of an international taxing agreement.

The Wall Street Journal worries about Congress’ careful silence on the matter and the paper’s editors are right.

The Wealth Gap Is…

…narrowing? How can that be? All those tax cuts and all those economic moves of the prior administration—which ended just 6 months ago—were playing to the favored rich. Weren’t they?

No.

A fading pandemic and heating US economy appear to be paying off for lower-wage workers.
New jobs at restaurants, hotels, stores, salons, and similar in-person roles accounted for about half of all payroll gains in June, according to the Labor Department. And workers in those industries are seeing larger raises than other employees.

They’re also seeing actual jobs, with those raises being from zero to paychecks.

Another Progressive-Democrat Gives Another Part of the Game Away

Laura Saunders, in her Friday Wall Street Journal column concerning the Roth IRAs, the rich and deplorable, and us average Americans, has a striking quote from Senate Finance Committee Chairman Ron Wyden (D, OR).

Saunders was writing about how efforts to lay punitive limits and punitive taxes on the Roth IRAs of the super wealthy can only have deleterious effects on the rest of us.

Here’s Wyden’s statement on the matter:

IRAs were designed to provide retirement security to middle-class families, not allow mega-millionaires and billionaires to avoid paying taxes[.]

Repealing SALT

John Tamny, FreedomWorks’ Center for Economic Freedom Director, wants the SALT deduction cap repealed, and he thinks all Republicans should agree with him.

Among the several Tamny rationalizations for why Republicans should leap at the chance to repeal SALT is this gem.

Repealing the SALT cap might not restore that vision [convolutedly, of limited government], but it would direct money away from Washington and toward states and localities.

No. A better way, the only truly effective way and the only legitimate way, to direct money away from Washington and toward states and localities is to end altogether the interstate transfer of taxpayer monies.

Fair Share

CPA Jay Starkman asked a question in his Wednesday Wall Street Journal op-ed. His piece centered on the President Joe Biden (D) tax hikes and expansions. Starkman noted that as recently as 2018—after the Trump tax cuts—the top 5% of American taxpayers still paid 60.3% of all the income taxes paid that year while the bottom 50% paid just 3% of the total.

Thus, his question:

How much higher than 60% will satisfy calls for the rich to pay their “fair share”?

Bipartisan Negotiations Progressive-Democratic Party Style

There is a bipartisan group of Senators who are close to agreement on a trillion-dollar infrastructure bill. Set aside, for the moment, whether the bill is good or bad. Consider, first, Senate Majority Leader Chuck Schumer’s (D, NY) and his Socialist colleague Bernie Sanders’ (I, VT) position and planned move regarding that bill.

Senate Majority Leader Chuck Schumer and Senate Budget Chairman Bernie Sanders have started the process of adding elements of Biden’s agenda to a large-scale budget reconciliation bill, regardless of the outcome of ongoing bipartisan negotiations on infrastructure.
Schumer has said the reconciliation bill will include the parts of Biden’s $2.25 trillion American Jobs Plan and $1.8 trillion American Families Plan that are not included in a potential bipartisan agreement on infrastructure spending.