By Donna Westfall – March 29, 2022
Whether it’s Del Norte County, California State or the Federal Government the tax and spend mentality doesn’t work!
President Biden unveiled his 2023 budget yesterday. No surprise there: it includes trillions in spending, debt, and the biggest tax hike in history.
As we’ve witnessed from Day 1 of Biden in the White House, he can take credit for one disaster after another. When will he ever learn that to recover, you need to cut back on spending? Families are having to tighten their belts and the same needs to happen with Washington D.C., Sacramento and Crescent City/Del Norte County.
Biden wants to increase the corporate tax rate from 21% to 28%. At a time when we desperately need businesses and industry active in our country and in a position to put people to work, it seems as though Biden’s plan is to destroy our country.
From excerpts by VICTOR RICHES, OPINION CONTRIBUTOR — 09/13/21 published in The Hill,
- “The United States has barely started to recover from the wreckage inflicted by a pandemic that shows few signs of ending anytime soon.”
- “,,,doubling the Global Intangible Low-Taxed Income (GILTI) rate, which is a special category of taxation on overseas profits. spells trouble for businesses with any presence abroad. A National Association of Manufacturers study found that the consequences of raising GILTI could result in nearly one million jobs lost and $20 billion in lost economic activity. Many of our nation’s critical industries, like mining and mineral extraction in Arizona, operate in a global economy. Increasing their taxes would limit American competitiveness worldwide while hurting workers and businesses here at home.”
At the rate Biden is steamrolling our economy into the gutter, the concept of Free Enterprise and Capitalism may well become things of the past.
Victor Riches is the president and CEO of the Goldwater Institute.