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Could Joe Be Reading The HOTLINE?

Unleash Prosperity Hotline
Issue #368
1) Could Joe Be Reading The HOTLINE?

By that, we mean West Virginia Democratic Senator Joe Manchin, the second most important man in American politics today, who said of the $3.5 trillion Biden Bankruptcy Bill:

“We don’t have the need to rush into this and get it done within one week because there’s some deadline we’re meeting or someone’s going to fall through the cracks,” Manchin said on NBC‘s Meet the Press.

As for jobs…

“I want to make sure people are basically having an opportunity to go back to work. We have 11 million jobs that we haven’t filled, 8 million people still unemployed. Something’s not matching up there.”

We couldn’t have said it better ourselves.

Except, Joe. Remember: the right amount to spend on this income redistribution bill is…ZERO!

2) How To Pay For All Of This Nonsense

Meanwhile, Manchin’s Democrat colleagues are ignoring everything he is saying and are still pushing this $3.5 trillion boulder up a hill. As we mentioned last week in the Hotline, the Democrat tax writers are in a quandary to figure out how to come anywhere close to covering the cost of their $3.5 trillion plan – even when they put every tax increase imaginable on the table. 

That’s where they are headed according to this leaked congressional memo on the Democrat tax scheme.

It hikes the top statutory income tax rate to 39.6% – but adds a new 3% surtax and expands the Obamacare 3.8% tax to cover most income. Hello, 46.4% top income tax rate.

The corporate rate jumps from 21% to 26.5% and the capital gains rate from 23.8% to 28.8%. Passthrough businesses lose their small business deduction, which is capped at $500,000, and raises the marginal small biz tax rate to over 40%.

There is also a tax on cigarettes and vapes – Biden must think nobody who makes less than $400,000 a year smokes or vapes?

Speaking of socking it to the middle class, the Democrats on the Senate Finance Committee have added a $600 billion carbon tax – which is basically a tax on anyone who has a car or a home or a business.

And worst of all Biden’s doubling the size of the IRS is in there, claiming that spending $80 billion on an army of IRS agents will net $200 billion in revenue.

Our favorite fantasy is “dynamic scoring,” which measures the economic impact of changes in budget and tax policy. Raising tax rates obviously has a negative impact on economic activity, but almost laughably, the Democrats are claiming that the biggest tax increase in American history will HELP the economy GROW and generate an extra $600 billion. 

Seriously folks. The lunatics are really running the asylum in Washington. 

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