96.6 F
College Station
Monday, September 20, 2021

Democrats Prepare Biggest Tax Hike In A Generation For Environmentalist Scare Agenda

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Brazos Valley Hospitalizations Continue to Decline After Mask Order Rescinded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....

Democrats are preparing to pass the largest tax hike in a generation so rich people can buy electric cars.

This week, congressional lawmakers continued a marathon mark-up session for their $3.5 trillion piece of legislation with a focus on trying to control the world climate. Democrats have aimed to include a number of items to reach President Joe Biden’s stated goal of reducing U.S. carbon emissions in half by 2030, with 50 percent of new cars on the market by then part electric.

The electric vehicle initiative absent new American mines is a big win for Beijing, which dominates the market for minerals needed to manufacture such car batteries.

“Through this legislation, we are setting up clean electricity to be the backbone of the Biden economy, an economic plan that truly works for all Americans,” said House Energy Subcommittee Chair Bobby Rush of Illinois on Monday.

The colossal legislation will likely include tax incentives for buying electric cars, among other forms of subsidies for renewable energy. It comes with a massive price tag that would require a tax increase to bring in nearly $3 trillion in new revenue. The proposed electric vehicle tax incentive totals $12,500, with the last $4,500 only provided to buyers of electric cars from unionized manufacturers, drawing criticism from Honda, Tesla, and Toyota.

“Over the weekend, details on how Democrats want to fund the bill came to light in a five-page memo sent around by Hill aides that outlined $2.9 trillion in tax increases proposed by House Ways and Means Democrats, the largest increase in decades,” Fortune Magazine reported Monday.

The series of tax increases target wealthy individuals and would ultimately be passed to consumers. According to Fortune, about $1 trillion would come from high-income citizens with a top individual rate reset at $39.6 percent before Republican tax reform in 2017. The top capital gains rate would go up from 20 percent to 25 percent, and another proposal slaps a 3 percent surtax on Americans with adjusted gross income of more than $5 million.

“Corporate tax rates would increase from 21 percent to 26.5 percent for

Continue reading on thefederalist

More articles


Please enter your comment!
Please enter your name here

- Advertisement -

State News

Beto O’Rourke Reportedly Considering Bid for Texas Governor

The liberal former El Paso congressman who challenged Ted Cruz for a Senate seat in 2018 could be back for round two in a...

Exclusive Interview: Dallas Mayor Pro Tem Chad West Says City Isn’t Defunding Police

Councilmember Chad West says his amendment requiring a committee hearing before releasing additional funds to police overtime is fiscally responsible, not defunding. He also...

Martin: Fort Worth School Officials Tied to ‘Racial Equity’ Vendors

Critical race theory was proven to be a big expense in Fort Worth Independent School District when Texas Scorecard exposed in July that district...

Former State Sen. Pete Flores Announces for Senate in a Different District

Monday, former State Sen. Pete Flores announced he will seek election to the Texas Senate again. This time, however, the campaign will be for...

Dickson: Impact Becomes 35th City in Texas to Outlaw Abortion

A city that received its start as a sanctuary for the sale of liquor is now a sanctuary for unborn children. Impact (population 48),...

Continue reading on thefederalist