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Economy and Taxes

We are in a trade war with China. Senior negotiators say they no sooner leave a negotiation than the Chinese begin to parse phrases and interpret sections in ways that run counter to the spirit of the agreements – always in their favor. Steel dumping, technology theft, and unfair partnerships have left American industry exposed. We need to make it clear that American technology and jobs aren’t ripe for the picking.

And then there are taxes! Democrats are proposing new or increased taxes for everything under a Biden Administration. They would roll back much of the Republican tax reform, including the state and local deduction limits that now prevent lower tax states like Texas from subsidizing states that have higher taxes. There will be greater taxes on Social Security, energy, savings and retirement accounts, business income – basically everything. That money would be shifted to a laundry list of pet projects, including charging stations for the less than 1% who own Teslas.

Kevin Brady, the Ranking Member on the House Ways and Means Committee said, “Raising taxes on the heels of this economic crisis is like punching a hole in your boat at the end of a storm.” We need the government to get out of the way and let private businesses create jobs, and we don’t need more boondoggles like Solyndra, where the government picks winners and losers.

The Obama Administration learned to route welfare through the IRS using various “refundable tax credits.” These “credits” dole out tax refunds even to those who don’t pay taxes. Democrats also learned that the phrase “tax and spend” is a naughty one. So, they now prefer to disguise what they are up to, using the sweet-sounding word “investment.” Watch out! When Democrats talk about “investments,” you’d better hold on to your pocketbook.

Biden recently unveiled a $2 trillion Green New Deal, which is larger than his previously proposed $1.7 trillion idea on the issue. There is no telling what the cost will be should he be elected. He is also mulling over giving $15,000 of your dollars to first time home buyers through, you guessed it, a refundable tax credit. While the Democrats keep telling us that our tax system not progressive enough, the fact remains only 44% of households paid federal income tax in 2018. In a Biden presidency, the remaining taxpayers will be saddled with an ever greater burden.