Schumer Spills the Beans — Dems Want to Raise Taxes and Make Everything Much Worse – Opinion

Joe Biden is lying. Yes, I know it’s far more than one lie; he’s told many. But one lie keeps cropping up again and again in virtually all his remarks — that he doesn’t intend to raise taxes on people who make under $400,000 a year.

But we’ve already seen how Biden has raised costs on us through inflation, which he also falsely said was “transitory.” His Build Back Broke plan proposed $2.5 trillion in new taxes that would give the U.S. the highest or near-highest tax rates in the developed world. Thank God, it didn’t pass, although that part about raising taxes may not be dead yet.

Joe Biden claimed that Congressional Republicans are going to raise taxes as well as get rid of Social Security, Medicare and Medicare. Another big lie is Sen. Mitch McConnell, R-KY. He has stated that Republicans will not pass such legislation.

But it turns out, you can’t say the same thing about the Democrats. Senate Majority Leader Chuck Schumer (D-NY) has let the cat out of the bag that they’re still working on going for higher taxes, despite the BBB going down to defeat. They will take more money from their pockets to help Americans get crushed by inflation.

Listen, as Schumer not only says they’re going to do that, but he also lies about the Trump tax cuts.

WATCH: Senator Chuck Schumer claims the “only way” to reduce #BidenflationIt is to increase taxes on Americans pic.twitter.com/iJ8tUdTf8R

— RNC Research (@RNCResearch) April 26, 2022

From the Blaze

“Reconciliation is very, very important,” Schumer responded. “If you want to get rid of inflation, the only way to do it is to undo a lot of the Trump tax cuts and raise rates.

“No Republican is ever going to do that. So the only way to get rid of inflation is through reconciliation,” he added.

In other words, Republicans wouldn’t vote to raise tax rates on people. Democrats must try to make it work in reconciliation to ensure they get enough Republican votes to pass the bill.

Democrats sparked inflation by going with Biden’s overspending and now, they would make things even worse with more taxes, if they go ahead with this idea.

Meanwhile, they’re lying about the Trump tax cuts, which was one of the reasons that the economy was doing so well under President Donald Trump. The tax cuts helped most Americans — contrary to the lies of the Democrats.

Continue reading the Blaze piece:

“The available evidence is clear: Based on tax data from 2017 and 2018, the Tax Cuts and Jobs Act reduced taxes for the vast majority of filers, led to substantial improvements in upward economic mobility, and disproportionately benefited working- and middle-class households, many of which experienced tax cuts topping 18 percent to 20 percent,” analysis from the Heartland Institute explained.

Ironically, the San Francisco Federal Reserve has attributed the inflation crisis, in part, to Biden’s COVID relief bill, which injected trillions of dollars into the economy.

McConnell hammered home the point — it’s Democrats who are coming for your wallets, big time.

B. McConnell They first hurt you by inflation, then they are trying to harm you again with tax increases. We’ll see what our citizens have to say about that later this year.

— Chad Pergram (@ChadPergram) April 28, 2022

The Wall Street Journal stated that Schumer has a total and complete error when it comes down to inflation reduction through tax increases.

This theory is similar to the one that said the government can spend what it likes and not be concerned about increasing prices. You can keep the Federal Reserve from raising interest rates or financing any politicians’ spending. Well, Congress and the Fed took Ms. Kelton’s advice, and here we are with the highest inflation in 40 years.

Inflation is made worse by the raise-taxes strategy. Congress and the Federal Reserve pumped up demand for two years to the point that supply couldn’t keep up. In an effort to curb demand, the Fed finally raised interest rates and plans to shrink its balance sheets. Better monetary policy is the main way to stop inflation.

However, tax increases will only make inflation worse because they further depress the supply side. That’s especially true of the corporate tax increases that Mr. Schumer is pitching. They’d suppress productive investment precisely when the economy needs it to offset the Fed’s tighter money. This is what happened in the 1960s and ’70s when higher taxes on corporate profits and individual incomes contributed to inflation by depressing investment and productivity growth.

So, not only would Schumer take money right out of our pockets, he’d make the inflation we’re already suffering even worse because Democrats fail to understand economic policy.