“roll back many of the law’s benefits for the wealthy.”
Although it claims to keep the “good parts” of the tax cuts, the truth is that cutting any part of the last year’s bill would be counter-productive. This double-speak from the Democrats in congress is no more than the perpetuation of class warfare.
Democrats have a long history of selling “infrastructure spending” without actually using the money for anything but a political slush fund. In fact, many are still waiting for the “shovel-ready” promised by the so-called mega “stimulus bill” of 2009, when the leftists had control of congress entirely.
Senate Minority Leader Chuck Schumer (D-NY) engaged in the age old fallacy-filled rhetoric that has been so damaging in the past.
“Rather than cutting existing infrastructure projects to pay for a paltry program, we want to roll back the Republican tax giveaways to big corporations and the wealthy and invest that money instead in job-creating infrastructure.”
The tax cut repeal would raise the top bracket back to 39.6% from 37% and would raise taxes on corporations to 25% from 21%. The progressive plan would also raise the alternative minimum tax and estate tax to previous levels.
Most voters who would likely support the Democrat plan don’t pay taxes to begin with or are devoted to leftist anti-liberty governance. Roughly only half of the working population actually pays taxes to begin with. With no skin in the game, many in this group might easily believe that their party actually seeks to protect them in some way.
But, there is a huge contradiction in this idea of economics that the Democrat party refuses to acknowledge. Budgeting for a tax cut shows as less revenue. However, once implemented, cuts actually result in more revenue being collected that the years prior. In fact, every tax cut that has been implemented in the last hundred years has actually resulted in higher revenues.
Thus, if the Democrats really were interested in increasing revenues for “infrastructure spending”, then they would support the cuts as they are. Their claim to “make the wealthy and corporations pay their fair share”, while keeping some tax cuts intact, will only render all tax cuts invalid.
A tax cut is of little use to a middle class family if the job that supports it leaves the country in order to preserve company profitability.
White House Deputy press secretary, Lindsay Walters said in a response statement, “Only tone-deaf Democrats could think the proper response to the booming Trump economy, higher wages and hardworking Americans keeping more of their own money is to reverse the policies that got us here."
Walters also added, "President Trump is growing the economy for all Americans so that we can continue to deliver lowers taxes AND 21st century infrastructure, because that’s what the people deserve."
Senator Schumer claimed that this tax bill would “create many more jobs” and “build many more projects” than the Trump(infrastructure) plan. However, since the beginning of government involvement in the economy (1930), there is no data that indicates that Schumer’s idea would work.
Indeed, there is plenty of economic data to show that increasing taxes does quite the opposite.
The group Reforming America’s Taxes Equity (RATE) issued a statement that blasted the Democrat plan. "Unfortunately, the proposal released today by Senate Democrats would raise the tax rate responsible for putting more money in the pockets of over four million Americans.”
