Very interesting to see Republicans rediscovering concern over the Deficit – a concern they forgot about under Trumps record breaking deficit spending and tax give aways to the rich. AND of course their concern over raising “our taxes” which means the complainers are in the 1.8 percent of the American people. In expensive and high tax states the $400,000 annual salary may not be considered rich but in most states it certainly is. As the new tax rate proposal is for money in excess of $400,000 it is not much of an increase anyway. Meanwhile the wealthy corporations have never paid the full tax rate, (no matter what it has been) nor will they now. The increase in tax is only an increase on profits not income so should not have much effect on employment as salaries to staff is tax deductible.
Meanwhile the spending on the infrastructure bill will mean hiring tons of workers to build, repair and update infrastructure which has to happen anyway if the US is to stay competitive. China is building infrastructure at a fast pace. Is the US to sit by and become increasingly a third world country? If the Republicans are serious about “make America great again” then serious infrastructure spending is long overdue.
Fox “news” states that the corporation tax rate in China is 25% forgetting of course the fact that the state, military etc own the major corporations. They cant claim China a socialist state on one hand and then pretend it is capitalist on another. But then again, Fox has always been blind to reality when it fits the Republican mantra no matter how ridiculous.
There are other realities. First, no matter who was elected President, the Covid payments mean tax MUST increase. The Government can’t give away money and pretend it doesn’t have to come from somewhere. Second, we need infrastructure expenditure NOW or we suffer in the future. Better now when interest rates are low than in the future when we are both too late AND interest rates may be higher.