House Speaker Nancy Pelosi is planning a vote soon to push Senator Bernie Sanders’ $ 3.5 trillion socialist dream budget one step closer to the law.
The news gets worse from there.
Every other detail of this onerous legislation deserves contempt, revulsion and rejection.
The Rebuild Better Budget Resolution claims a price tag of $ 3.5 trillion. Taxpayers should be given this chance.
This figure assumes that several key initiatives, including the child tax credit, will expire in three to five years. Since government programs are virtually immortal, this is no wishful thinking. It is pure fantasy.
Assuming reasonably that these programs last 10 years, the true price of the budget is $ 5.5 trillion. Add in the $ 1,000 billion Senate “infrastructure” bill, which most House Democrats hope to annex, and Bernie’s budget hits $ 6.5 trillion.
Then add $ 400 billion for interest payments on the exploding national debt. This brings the actual cost of the “$ 3.5 trillion” package to $ 6.9 trillion, almost double its advertised price!
“Bernie’s budget is all about inserting the federal government into the daily lives of all Americans and spending as much money as possible while doing it,” the House Budget Committee warned, ranking Republican Jason Smith of Missouri. .
Democrats plan to fund this bachelorette party-like extravaganza by borrowing from the Chinese Communist Party, God Loves Them, and increasing levies on beleaguered US taxpayers. Bernie’s budget is the biggest tax increase since 1968 – before man walks on the moon.
The Club for Growth Foundation counts $ 3.6 trillion in new taxes in this measurement. Among them:
- Higher revenues through increased size and reach of IRS: $ 266 billion.
- A combined tax increase on long-term capital gains from 29% to 48.4%: $ 322 billion. If this bill passes, investors looking for lower capital gains taxes might find them in Red China.
- New IRS spying and subsequent taxes on transactions in bank accounts with balances of $ 600 or more: $ 463 billion.
- A new global minimum tax on US companies operating abroad: $ 534 billion.
- A corporate tax hike of more than a quarter, from 21% to 26.5%, for a total of $ 858 billion. If we add the state levies on these companies, American companies would find themselves under the highest tax burden in the developed world. It is terrible for American businesses, jobs and growth, and a boon to the economic rivals of this country.
Beyond spending and taxes, the Bernie budget would make the Land of the Free a socialist “workers’ paradise”. Among his far-left social engineering schemes:
- An annual tax on methane emissions would cost dairy farmers an additional $ 6,504 per cow.
- Tax credits for “university environmental justice programs”. Cost: $ 1 billion.
- A $ 1,500 tax credit on electric bicycles that cost up to $ 8,000: $ 7.4 billion.
- A tax credit of $ 1,200 for green doors, windows and skylights: $ 15 billion.
- Individuals with incomes of up to $ 200,000 could receive $ 82,000 in federal housing down payment grants.
- Free college! Cost: $ 50 billion.
- “The Democratic Bill is spending $ 3.5 billion of your money so the bureaucrats in DC can create something called ‘Civilian body for the climate‘- a job creation program for young climate activists, ”marveled Grover Norquist, founder of Americans for Tax Reform. “Maybe they’ll knock on your door with a notepad and tell you to put on a sweater instead of properly heating your house. “
These taxpayer-funded eco-organizations would also be unionized. And, of course, their union would dutifully return some of their members’ compulsory dues to the Democratic Party’s campaign coffers.
“In the face of increasing inflation and economic instability, a rational Congress would adopt pro-growth tax and spending reforms that would pave the way for a smoother recovery,” advises Andrew Moylan, executive director of the National Union taxpayers. He adds: “Instead, the current leaders are moving forward at full speed with the most radical expansion in the size and scope of government in decades. It’s like throwing an anvil at a drowning child instead of a life jacket.
Dismayed? Call 202-225-3121 and tell your congressman to vote “Hell no! On the Nancy Pelosi / Bernie Sanders / Joe Biden plan for instant socialism in America. One Venezuela will suffice.
Deroy Murdock is a Manhattan-based Fox News contributor, editor-in-chief of National Review Online, and senior researcher for the London Policy Research Center. He has collaborated since the Reagan era with the organizations cited in this opinion piece.