Less than a week after claiming a majority in the House, Democrats are already announcing their plans to increase taxes and stop the historic economic growth ushered by GOP tax reform in its tracks. First it was Alexandria Ocasio-Cortez proposing a 70 percent tax rate, and now this via Roll Call today:
“Rep. John Yarmuth, the new House Budget chairman, said his chamber’s budget blueprint will aim to claw back lost revenue by boosting the corporate tax rate from its current 21 percent to as high as 28 percent, with rate increases also possible for high-earning individuals.”
Lower tax rates have resulted in a booming American economy, with 312,000 jobs added in December and the highest wage growth in a decade. Businesses used their savings from the GOP tax cuts to invest in their workforces and hire new employees:
- More than 6 million workers received bonuses, pay raises, or 401k contributions
- At least 134 utility companies in all 50 states reduced rates for their customers, lowering energy costs for hardworking families
- Companies invested hundreds of millions of dollars in their communities by vastly increasing their charitable contributions
Bottom Line: This is just the beginning. The far-left agenda of House Democrats will be driven by their desire to take more money from hardworking Americans and send it to bureaucrats in Washington, D.C.