February 7, 2023

Leading Democrats have said six times that raising taxes during a recession was a bad idea, but Democrats are seeking to raise corporate taxes over the weekend.

As President Joe Biden’s economy sank into recession last month, he has been pushing Democrats in Congress to pass a reconciliation bill – the so-called “Inflation Reduction Act.” The bill imposes a minimum tax on corporations with profits greater than $1 billion.

Democrats have in the past opposed raising corporate taxes during a recession.

  1. In 2009, then-President Barack Obama advertiser“You don’t raise taxes in a recession…the last thing you want to do is raise taxes in the middle of a recession.”

2. In 2010, then Gov. Joe Manchin (D-WV) He said He wasn’t “thinking during the recession that you’re messing with any taxes or raising any taxes.”

3. In 2008, Senator Chuck Schumer (Democrat from New York) opposing Raise taxes in a recession. “If we’re in a recession and we’re in a tough economic time, I don’t think Senator Obama or anyone else is going to raise any taxes. You don’t want to take money out of the economy when the economy is contracting.

4. Schumer repeat His position back in 2008: “When the economy is in a downturn, you don’t want to increase overall taxes,” he said.

5. “Nobody will want to raise taxes when we have a recession,” Schumer again insist on in 2008.

6. In 2008, then Senator Biden applauded By agreement, as Obama said, “the last thing we should do” is raise taxes in a recession.

The law, which is being marketed as a measure to reduce inflation, will increase Biden’s high inflation rate for 40 years. “The supposed game-changing legislative hack that brought together Senator Joe Manchin (D-Va) and Senate Majority Leader Chuck Schumer (D-NY) after months of negotiations over the failure of Rebuilding Better is being cynically described as a counter-budget measure. Breitbart News stated, “This makes sense in a harsh political way because inflation is the number one issue facing American families and the economy plunges into stagflation with stagflation”:

The first hint that this would not be inflation-reducing legislation is that the bill includes a massive expansion of government spending. There is approximately $385 billion in spending on energy and climate change, according to the Nonpartisan Committee on Responsible Budget. There’s $100 billion in new spending on health care in the form of expanded subsidies for Obamacare and expanded coverage for drugs and vaccines.

Democrats haven’t finished the bill yet. Under Senate rules, a senator must resolve many issues related to partisan legislation, such as denying drug prices for Medicare, climate change, and health care provisions. Democrats are using reconciliation to get around 60 deadlock votes that Republicans can use with the 50-50 Senate.

Follow Wendell Husebø at Twitter Tweet embed is author Slave morality policy.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *