It’s quite a list, and we’re not even sure it’s everything. The Democratic Party is the party of government. They believe the government always needs more money because the government needs to take over as much as possible about American life.
If there’s something you do for yourself, they want to do it for you whether you want them to or not. If there’s wealth in people’s hands, they want to redistribute it into other hands. If there’s something people pay for, they want to become the sole provider and make sure other people pay for it – not people who vote for them.
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The more people you have dependent on government, the more votes the party of government can expect to receive in every election. And in order to make that happen, you need to punish the people who aren’t dependent on government because they have enough money that they don’t need to be. You do that by taxing them and using the money to bribe other people into becoming your permanent beneficiaries.
That’s why, even though the government already takes between 18 and 24 percent of GDP in taxes, it’s never enough for Democrats. And this year they’re particularly brazen about demanding new taxes.
Big ups to the Wall Street Journal for compiling much of this, and with that said, let’s get into it:
- An extra 10 percent tax on incomes above $1 million, or $2 million for married couples, regardless of the nature of the income. This is being proposed by Senator Chris Van Hollen of Maryland and Congressman Don Beyer of Virginia.
- Higher marginal income tax rates across the board.
- Returning the corporate tax rate to 35 percent, its old rate before the Trump tax reform of 2017 lowered it to 21 percent and set off the strongest economic growth in a decade.
- Elizabeth Warren’s new wealth tax, which would take your money even if you’ve already paid taxes on it and it’s just sitting in your bank account. Even Bill Gates, who generally supports higher taxes on the rich, thinks this is nuts.
- A higher capital gains tax.
- A higher tax on dividends.
- A tax on pharmaceuticals.
- A higher estate tax.
- A higher payroll tax.
- A new carbon tax.
- A new financial transactions tax.
- And end to 100 percent business expensing.
- An end to the 20 percent exemption for pass-through businesses.
Just how much of the nation’s wealth do you think would be usurped by the government every year if all these taxes were implemented? 40 percent? 50 percent?
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And how much wealth do you think would be left if there was no incentive for capital formation, because all that happens when you create wealth is that politicians come along and take it from you?
I am not in the “taxation is theft” camp, so save your libertarian nonsense. Some taxation is necessary to support the essential functions of government for a peaceful and secure society.
But if we only collected enough taxes to perform those basic functions, it would probably be less than half of what it is now. This is not about anyone’s peace or security. This is about power. Democrats want to confiscate as much of America’s wealth as possible so they can give it to other people – people who will reward them with their votes forever. They want the federal government in control of as much of American life as possible, because that’s what gives them the excuse to keep confiscating wealth, and that’s how you keep enough people dependent on them that they feel they have no choice but to vote for them.
The more of American life is controlled by government, the more distortion and corruption you have, because the political needs of politicians come before the rational needs of people. That’s why Democrats want all these taxes, because a socieity in which the political needs of politicans come first is exactly the kind of society they want.
And there’s not a tax on that list they wouldn’t gladly vote to implement if given the power to do it. So don’t give them that power.