Politics

Democrats Race To Hike Taxes Up To $3 Trillion

Written by: Amanda Angulo

Recently, the Congressional Democrats have been rushing to pass tax increases. By Wednesday, the House Ways and Means Committee aims to approve the giant tax plan increase that was just released on Monday since lawmakers are racing their internal deadline for Sept. 15. Democrats hope to pass it out of the chamber at the end of this month.

Democrats are doing this in a hurry because it is harder for lobbyists and Republicans to pick it apart. However, the Democrats can only afford to lose three votes, and one of them is already on the fence.

Democratic Rep. Stephanie Murphy has been urging her colleagues to slow down on the tax plan process. She claimed that while the panel began to vote on parts of the proposal, she had barely seen most of the plan, so how could she be able to vote on them entirely?

“I don’t know how much we’re spending, how much we’re raising, how we’re spending some of the money and how we’re raising any of the money,” Murphy argued. “We need more time.”

The plan, released by Ways and Means, has nearly $3 trillion in tax increases, and this includes raising corporate rates to 26.5%, imposing surtaxes (a tax levied upon another tax) on individuals earning over $5 million and other proposals.

Several believe that the tax plan will go into the winter. Howard Gleckman, a senior fellow at the Tax Policy Center stated, “this is probably going to take the rest of the year to finish.” He also added, “we’re taking bets in the office, and I’ve got Christmas Eve.” This quick maneuver that the Democrats are trying to pull off serves as another example of their relentless determination to take advantage of the hard-working people in California.

 

Image from: Anna Moneymaker/Getty Images