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Who is Paying for the Budget Bill?
The Big Picture
The Democrats’ $3.5 trillion socialist spending spree is full of far-left priorities such as “free” community college, universal pre-K, and “environmental justice” initiatives. While free college and Medicare expansion sound generous, they come at the expense of American taxpayers. The bill is over 2,000 pages long, which is why we are going to outline important details from the bill that could affect you.
One such provision is the increase in the corporate tax rate, which will have a devastating impact on the American economy. Higher tax rates and lower GNP results will pack a punch to the American people not seen since the Great Depression.
Why it matters
Gross Domestic Product (GDP) measures the value of goods and services produced in a country's borders; in short, it is a measure of American income, and GNP is the measure of those same goods produced by Americans but both domestic and abroad. The bill’s individual and corporate tax increases would decrease GNP by 1 percent, reduce GDP by 0.9 percent, and cut 165,000 jobs in the United States. The Democrats’ $3.5 trillion partisan reconciliation package is full of higher taxes to fund radical left-wing priorities. Raising taxes to help pay for Green New Deal “environmental justice” initiatives like the Civilian Climate Corps is just another example of how out-of-touch Washington politicians are. At the end of the day, this $3.5 trillion boondoggle raises taxes, destroys jobs, and makes it unprofitable for businesses to stay in the United States.