Democrats Push Tax Hike On Rich ‘To Fight Inflation’ As Americans Struggle And Midterms Loom

democrats raise taxes inflation
Schumer: Attribution 2.0 Generic (CC BY 2.0) Senate Democrats 10/22/20 Biden: Attribution-ShareAlike 2.0 Generic (CC BT-SA 2.0) Gage Skidmore 1/18/20

With a likely drubbing heading their way in November, Democrats are desperate to prove that they have accomplished something.

In that vein, they apparently think they have a way to curb inflation: Raising taxes!

Yes, really.

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The Democrat “Plan”

Democrats have proposed the resurrection of part of President Joe Biden’s legislative list: to pass a reconciliation bill that they would sell to Americans by declaring that it would slash prescription drug costs and tax the highest income earners.

To their thinking, raising taxes on the rich will somehow bring down inflation.

Senate Finance Committee Chairman Ron Wyden (D-OR), “explained” how taxing the rich would bring down inflation.

“What we’re doing is cutting costs for consumers. That has a real anti-inflationary impact, cutting medical costs, cutting energy costs, paying down debt. That is the anti-inflationary ‘cutting costs for consumers point’ of our bill.”

Senator Elizabeth Warren (D-MA), equally economically experienced, tried to “clarify” Sen. Wyden.

“When problems are paid for, that doesn’t mean more dollars have been pumped into the economy. And when rich people have to pay taxes to help fund programs that help people go to work, that puts more workers into the economy, more productivity, and that drives prices down, not up.”


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Tense Negotiation

Fortunately, all are not falling into lockstep behind Senate Majority Leader Chuck Schumer (D-NY). Schumer and Sen. Joe Manchin (D-WV) have been in talks for a while about what legislation Manchin might be on board with.

Manchin has rightly questioned if now is the right time to be pondering more government spending as rising prices show no sign of letting up. Manchin said of his talks with Schumer,

“We understand each other well enough. We can agree to disagree, we can agree to try and find a moderate middle. He knows that I’m not in the base camp far to the left; that will never happen. He knows exactly where I’m at. Now whether they can get there or whatever, we’ll see.”

No doubt much to Schumer’s chagrin, Manchin also dismissed voting along party lines just for its own sake. He stated, “If I’m just doing something on one party line or the other party line, I’m not better than the rest.”

He also referred to the inflation numbers and may have hinted at the possible Senate fight to come by adding, “No matter what spending aspirations some in Congress may have … we cannot add any more fuel to this inflation fire.”

Once again, Manchin might be standing alone on the Democrat side.

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Democrats Economically Challenged

A few Republicans have spoken up about the latest hare-brained Democrat idea.

Sen Mitt Romney (R-UT), was actually right and had this to say:

“​​Anytime you’re spending more money, you’re creating more demand and that causes prices to go up. So, if they come up with a bill that spends more money, it’s going to be inflationary. If they’re going to raise taxes on small business, they’re going to make it harder for small business to provide the products that people want, and therefore that causes prices to go up.”

Sen. John Cornyn agreed, saying, “It’s not a great time to be spending a lot more money and raising taxes.” But these basic economic lessons are apparently lost on many in the Democrat party.

A new report from the Wall Street Journal chronicles a study done by the Committee to Unleash Prosperity’s Stephen Moore and Jon Decker. They studied the backgrounds of roughly 70 Biden administration appointees who oversee economic policy. The results were troubling.

The average amount of business experience for appointees of the Biden administration is around two and a half years. Compared to the average amount of private sector experience for Trump appointees, 13 years.

Background for most of Joe Biden’s appointees is in law and politics. Not exactly a confidence booster with the American people.

What the Wall Street Journal referred to as “business ignorance” clearly spills over into Congress as well, if their best idea for fighting inflation is to raise taxes and spend more.

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