Politics and economic decisions have consequences. It is breathtaking to consider how little focus has been shed on the Biden tax proposals and the impact on our savings.

The coronavirus, and the excessive lockdowns associated with the government’s response have put many of America’s small businesses underwater. Millions of Americans are struggling to make ends meet. Lawmakers are trying to address the issue and get our economy going again. Evidently, those in Arizona didn’t get the memo.

If you used your free time on Saturday or Sunday to watch football, you may have seen an ad run by Joe Biden’s campaign in which the narrator says that Biden won’t raise taxes on anyone earning less than $400,000 annually. The ad perpetuates the myth that the Tax Cuts and Jobs Act was a “tax cut for the rich.” As Chris Edwards of the Cato Institute notes, the Tax Cuts and Jobs Act “provided the largest percentage tax cuts to the bottom two quintiles—that is, the bottom 40 percent of U.S. households.”

As states brace themselves for the revenue nightmare that COVID-19 will bring, the California Assembly is set to consider legislation that could irreparably damage their economic future. Rep. Rob Bonta (D-Oakland) recently proposed Assembly Bill 2088 that would be the first wealth tax in the nation, imposing a 0.4 percent tax on net worth for individuals and joint filers worth over $30 million. As if that wasn’t bad enough, AB 2088 would completely soak the rich by raising the top income tax rate from the already astronomical 13.3 percent to an even more ludicrous 16.8 percent.

Senate Minority Leader Chuck Schumer (D-N.Y.) railed last week against Republicans’ proposal to modestly reduce unemployment insurance benefits. Republicans were concerned that the $600 weekly unemployment insurance benefit has harmed the recovery from the severe disruptions caused by partial economic shutdowns in response to COVID-19.

Some of the largest expansions of government power and unconstitutional abuses have come during times of pressing crises, not unlike the coronavirus. The government routinely tries to paper over these abuses by saying they are temporary, and that anyone who resists is guilty of making the present crisis worse. It’s the same story over and over again.

This week, both Virginia Governor Ralph Northam (D) and North Carolina Governor Roy Cooper (D) announced statewide executive orders for their states regarding policy and practice as our nation deals with the novel coronavirus. Each governor made different calls for their states’ schools, with Virginia closing all K-12 schools for the remainder of the year and North Carolina extending its public school closure through May 15. Both states limited gathering sizes and mandated the closure of nonessential retail businesses.

The Wall Street Journal claims that Bernie Sanders will increase federal taxes to the highest levels since World War II to pay for all of Sanders’ socialist promises:

FreedomWorks is proud to announce that our bill of the month for December 2019 is the Small Business Prosperity Act of 2019, H.R. 4947, introduced by Rep. Andy Biggs (R-Ariz.). The Small Business Prosperity Act would amend the tax code to make permanent the tax benefits pass-through businesses under the Tax Cuts and Jobs Act of 2017.

After repeatedly claiming that the middle class won’t see a tax increase under any of her policy proposals, Sen. Elizabeth Warren (D-Mass.) released the details on Friday of how she plans to pay for Medicare for All. The proposal can hardly be taken seriously, as Warren is, more likely than not, under-estimating the cost of Medicare for All and over-estimating the tax revenues that her proposals will bring in to the treasury.