Analysis: I call the Biden and Schumer spending bill that was signed into law last week, “The Raising Taxes and Increasing Inflation Act.” The leftist takeover of the Democrat party by socialist Marxists is now complete. John F. Kennedy and Bill Clinton wouldn’t have been caught dead raising taxes during the middle of an economic slowdown.
Now, new IRS agents will descend on small business owners like locusts. $100 billion of new taxes will hit fossil fuel companies. Businesses will feel the negative impact of the higher minimum corporate income tax and the repeal of tax deductions for large capital expenses. This comes when we should instead be incentivizing America’s companies to increase production to bring inflation to heel!
Of course, the new green energy companies are exempt from some of these new taxes, and they will also receive the benefit of $430 billion in taxpayer money. Those who believe in the religion of climate change at the expense of American workers will marvel at the new $27 billion National Climate Bank run by the non-business friendly EPA.
Ultimately, the non-partisan Tax Foundation estimates the spending package will destroy 30,000 jobs. No matter what you call this big government socialism bill, Peter Morici, professor of economics at the University of Maryland, has got it right. This destructive legislation will, “reduce growth and increase inflation.”
About the author: Mike Mazzei, CFP®, MPAS®, is the President of Tulsa Wealth Advisors. A Certified Financial Planner professional, and Master Planner Advanced Studies, he created The Financial Freedom Process™ to help individuals leverage their wealth in order to help them achieve their lifetime visions. Mike is a former Oklahoma State Senator (Dist. 25 in Tulsa) & Sec. of Budget. He is the proud husband to Noel and father to 5 great kids.