|Unleash Prosperity Hotline – Weekend Edition|
11/12/2021, 11/13/2021, 11/14/2021
|1) Big Business For Big Government|
We almost lost our lunch when we read this press release from the egg heads at the U.S. Chamber of Commerce:
A legislative victory 25 years in the making
November 12, 2021
U.S. Chamber Applauds Infrastructure Bill Passage, Continues to Oppose Reconciliation Bill
U.S. Chamber of Commerce president and CEO Suzanne Clark issued the following statement after the U.S. House of Representatives passed the bipartisan infrastructure bill last week:
“[The] passage of the bipartisan infrastructure bill is a major win for America… The Infrastructure Investment and Jobs Act will help connect 14 million Americans to broadband, provide clean drinking water for 10 million families, upgrade our energy grid, and create millions of jobs. It is the single largest investment in bridges since the construction of the Interstate Highway System and the single largest investment made to address climate change in U.S. history.”
“For more than 25 years, the Chamber has led the charge for investment in America’s crumbling infrastructure… The bipartisan infrastructure negotiations showed us how Congress can work together to solve today’s most pressing challenges.”
Why any small business in America remains a member of this “business” group that has been captured by the left and federal contractors who make their money off of government programs, is beyond us? The biggest winners in this bill are Big Labor bosses because union shops are now virtually required on EVERY federal construction project. The Chamber even admits that this is a Green New Deal bill and that they are now climate change crusaders.
How sad it is that the U.S. Chamber of Commerce which worked side by side with Reagan, Laffer, Kudlow, and others to pass the Reagan Revolution agenda, is now in bed with the most leftwing, anti-business administration in American history.
Suzanne Clarke should be fired immediately. If you are a business owner, join a group like the Job Creators Network, which actually fights, rather than supports big government.
|2) It’s Official: BBB Is A Tax Cut For Millionaires|
So much for taking the rich. The liberal Tax Policy Center has published a distribution table for the latest incarnation of Build Back Better.
Two of three taxpayers with incomes above $1 million – almost all from blue states – receive a tax CUT that averages $16,760.
Three of four taxpayers from $500K to $1 million get a tax cut that averages $8,480.
Why? SALT. They explain:
“Despite what its promoters say, raising the cap to $80,000 would provide almost no benefit for middle-income households. It would reduce their 2021 taxes by an average of only $20. Even those making between $175,00 and $250,000 would get a tax cut of just over $400 or about 0.2 percent of after-tax income. By contrast, the higher SALT cap would boost after-tax incomes by 1.2 percent for those making between about $370,000 and $870,000 (the 95th to 99th percentile).”
TPC also confirms that BBB violated Biden’s campaign promise not to raise taxes on anyone who makes less than $400,000.
“Taking into account all major tax provisions, roughly 20 percent to 30 percent of middle-income households would pay more in taxes in 2022,” they write. “However, their tax increases would be very small.”
Subscribe to receive our full hotline