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Senate Democrats: If It Moves, Tax It

Unleash Prosperity Hotline
Issue #364
1) Senate Democrats: If It Moves, Tax It

The Senate Finance Committee is having a devil of a time “paying for” its $3.5 trillion spending bill. Our congressional sources say they aren’t even close with the Biden proposals. The budget scorekeepers are telling Democrats that their “revenue raisers” will only bring in about half the money they were hoping for. 

So now the Senate Finance Committee is scrambling to come up with a slate of new tax hikes. 

Now they’re considering, a per-mile-traveled car tax, a new tax on UNREALIZED capital gains (“mark-to-market for billionaires”), new taxes on oil and gas companies, a doubling of the size of the IRS, and these two gems:

The full document is here:

The carbon tax, by the way, would impose a tariff on almost all imported goods into the United States. These are the same congressional Democrats who attacked Trump for alienating our allies and causing a trade war.

Amazingly, Biden still says with a straight face that the tax plan won’t tax anyone making less than $400,000. Right. And the Taliban won’t take over Afghanistan.
2) So Much For Helping Black Americans…

The August jobs report was disappointing and for no group more than blacks. The black unemployment rate ROSE in August from 8.6% to 8.8% even though there are 10 million open jobs.

Blacks have by far the highest unemployment rates of any race as seen in the table below. We are not sure what explains this rise in joblessness, given that surveys show half of all small businesses have job openings they couldn’t fill last month.

August Unemployment Rates by Race

All Americans     5.2%

White                   4.5%

Black                     8.8%

Asian                    4.6%

Hispanic               6.4%

Source: BLS, August 2021.

This is quite a reversal of fortune for black Americans. After the Trump tax cuts, black incomes surged, black unemployment fell to its lowest level in 50 years, as did the black poverty rate. It’s less than a year into the Biden presidency, but so far blacks have hardly prospered under Bidenomics.

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