(RepublicanNews.org) – Democrats are throwing around the idea of increasing the amount of taxes certain people pay. The proposal is something Liberals have tried to do for decades: tax the rich. Increase the amount of taxes the wealthy pay. But who, exactly, is rich enough to pay these taxes?
Well, for starters, Democrats plan to increase taxes on individuals who make more than $400k annually. More than likely, not too many people will fall into that category. However, Dems also plan to increase the taxes on married couples who file jointly and make more than $450,000. So if both partners in the marriage make $225k or more on their own, they’ll get taxed less if they opt to file by themselves rather than jointly.
— National Review (@NRO) September 20, 2021
Democrats in the House of Representatives are calling for a reversal of the 2017 tax cut initiated by Republicans. If the Dems roll back the decrease, the top income tax rate will revert to 39.6%. Currently, the top income tax rate is 37%. The House Ways and Means Committee suggests the proposed income tax increase to the wealthy could bring in more than $1 trillion in revenue.
That one trillion dollars is far from the $3.5 trillion President Biden and Democrats plan on spending. The Left wants to use higher taxes to fix problems within America’s economy and infrastructure by making the wealthy pay their fair share, just like everybody else, closing the tax gap between the rich and middle-class families.
However, as history shows, the wealthy have been paying a larger part of federal income taxes than the lower half of taxpayers. In other words, they have been paying their fair share, and increasing the taxes isn’t going to change that.
Copyright 2021, RepublicanNews.org