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This “Deal” Is as Phony as a Three Dollar Bill

Unleash Prosperity Hotline
Issue #399
1)  This “Deal” Is as Phony as a Three Dollar Bill 

Many of our readers are panicked that Biden and the Dems are close to passing the $3.5 trillion Govzilla bill.  Relax it’s all flim-flam.  There is no deal and if anything the whole thing keeps shrinking. 

The good news: it appears that the following horrible ideas are out:
– Higher corporate tax rate
– Wealth tax
– Death/estate tax
– Tax on unrealized capital gains
– Paid parental leave
– Free community college
– Some of the worst green new deal provisions 
– IRS audits of bank transactions of $600 or more

The bad news, here are the latest revenue raisers:
– Global minimum tax
– 5 percent income tax surcharge on incomes above $5 million creating 44% rate
– Double IRS budget
– Methane/energy tax. 

But there’s still a basic math problem. They still have some $3 trillion in spending (using honest accounting) and only about $1 trillion in revenues.  So much for self-Joe Biden’s claim that this “won’t raise the deficit by a nickel.”

2) Elon Musk Is On To The Liberal Playbook

We don’t agree much with Tesla and SpaceX CEO Elon Musk’s politics (or all the subsidies he gets), but we like the way he ripped the Democratic bait and switch proposal for an annual tax on billionaires’ unrealized investment gains.

History is replete with examples proving Musk right.

The original 1913 income tax was 1% for people with incomes above $3,000 (about $83,000 today) and $4,000 in income for.a married couple (about $111,000 today).  The top rate was 7 percent on $500,000 or more ($13.8 million). About 3% of the population was taxed.

The Alternative Minimum Tax in the late 1960s was aimed at a few multi-millionaires and it would up impacting millions of Americans. 

The left’s attempt to tax unrealized gains by the rich is another example of what we call their Trickle Down Taxation.  First, you Tax the Rich, THEN you tax the rest of us.

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