As Joe Biden continues to promote his trillion dollar 'infrastructure' bill, the President is also using it as an opportunity to push back on his pending tax hike.
Biden continues to double down, saying that "no one who makes less than $400,000 a year is going to pay more taxes", but the reality is that is just not possible, or true.
As we've pointed out before in this space, big corporations don't pay big tax bills, their employees do. And as for the upper 1% picking up the tab? As Lone Star College professor Hank Lewis likes to say, they're just not enough of them to go around.
Brandon Arnold, Executive Vice President with the National Taxpayers Union told KTRH, "Biden's plan will affect people of all income classes. It means lower take-home pay, whether you're rich or poor or somewhere in between, and it means fewer jobs."
With the economy bouncing back right now as the nation re-opens, we're probably not going to feel it until later this year, or in 2022.
But inflation is already on the rise, and if the Biden tax plan is passed, we're going to see a massive loss of jobs, and sadly an abrupt end to the entrepreneurial spirit that came back to life under President Trump.
As for the actual infrastructure that the Biden administration says will create millions of jobs? Arnold points out "It's a small fraction of it. There's more money in the plan for electric cars! than there is for roads, bridges, highways, and airports combined."
The numbers don't lie. The question now is, how much can Mitch McConnell and senate Republicans block? before we get to next year's mid-terms?
Brandon Arnold says the best thing would be, "All the government needs to do is stay out of the way. Don't excessively regulate, don't excessively tax or spend, and the economy is going to be just fine."
If not? You and I will pick up the tab.