85.8 F
College Station
Wednesday, September 22, 2021

Revenue and Revenge

Local News

College Station Bans Traditional Pet Shops

At Thursday's meeting, the College Station city council passed an ordinance that prohibits the sale of non-rescue dogs and cats in pet...

College Station to Vote on ROO in Special Meeting Today

The College Station City Council meets Monday at 4 p.m. at city hall to consider a Restricted Occupancy Overlay (ROO). The ordinance would allow single-family...

College Station Plans on Borrowing Additional $62 Million Without Taxpayer Vote

The College Station City Council voted to begin the process of issuing $62 million in certificates of obligations for capital projects. The...

Brazos Valley Hospitalizations Continue to Decline After Mask Order Rescinded

Texas Governor Greg Abbott issued Executive Order GA-34 on March 2, 2021, and the order went into effect on March 10, 2021....

House Speaker Nancy Pelosi (D., Calif.) holds her weekly news conference at the U.S. Capitol in Washington, D.C., September 8, 2021. (Jonathan Ernst/Reuters)

House Democrats have put forward a worst-of-both-worlds tax proposal: punishing enough to do real damage to the U.S. economy and individual households, but not nearly enough to pay for the trillions upon trillions of dollars of new spending Joe Biden and his congressional allies have put into play.

In theory, the point of tax bills is to raise revenue to support necessary government spending. The spending has for a very long time now been far in excess of what is necessary, while our tax system, complex and burdensome though it is, fails to produce enough revenue to avoid permanent budget deficits. But revenue here seems to be an afterthought.

Democrats propose to raise personal income taxes (to 39.6 percent plus a new 3 percent surcharge on incomes more than $5 million), corporate taxes (to 26.5 percent), and taxes on investment income (to 25 percent); impose higher taxes on “pass-through” income from business partnerships; and hike estate taxes. All told, the Joint Committee on Taxation estimates that the tax increases would add up to nearly $2.1 trillion, though the final number could be higher or lower. Though the changes are all meant to target high-income taxpayers — who already pay a share of federal income tax that is far in excess of their share of income — according to the JCT, less than half of the new taxes collected would come from high-income individuals. The rest would come mainly from businesses, which invariably pass those costs on to their employees, customers, and business partners as far as they are able.

Democrats here are pulling their usual stunt of assuring lower-income people that higher taxes won’t fall on them, but only on their employers, their landlords, and their grocers, as though their finances were unconnected. In the past, that has been good politics, but it is bad economics.

You might think that raising taxes on the $400,000-and-up set would please progressives, but they are howling

Continue reading on National Review

More articles

- Advertisement -

State News

Lavish School Spending in Crosshairs as Property Tax Bill Advances in Senate

A plan to buy down Texans’ school property taxes using surplus money in the state budget advanced in the Texas Senate for the second...

First Look at Proposed Senate Redistricting Maps

Over the weekend, the proposed new Texas Senate district boundaries as a part of the overall decennial redistricting process were officially made public, just...

Round Rock ISD Seeks to Censure Pro-Transparency Board Members

Last week, Texas Scorecard reported on Round Rock ISD’s refusal to allow citizens to enter a board of trustees meeting where the district was...

Jones: Who Does Keller ISD’s School Board Serve?

Speaking as an alumnus and semi-recent graduate (2017) of Keller High School, I can say with certainty that no one is surprised by Texas...

What Will it Take to End Sexual Transitioning of Texas Children?  – Episode 134

What will it take to end sexual transitioning of Texas children? The theme of today’s podcast developed a month ago when Texas Values, the largest family...

Continue reading on National Review