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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 Charles Schumer has railed against the proposals by Republicans to modestly reduce unemployment benefits. Republicans are concerned the $600 weekly unemployment benefits have harmed the economic recovery from the severe disruptions caused by the shutdowns across the country in response to the coronavirus pandemic.
Presumptive Democratic presidential nominee Joe Biden’s pick of Sen. Kamala Harris, D-Calif. as his running mate is just the latest example of how the Democratic Party is moving further and further left. But it will be at this week’s Democratic National Convention, where the party will officially nominate Biden and agree to its 2020 platform, that the policy transformation will be complete.
As the 116th Congress gets settled in, Nancy Pelosi and fellow House Democrats are adjusting to their new reality of being back in the majority. With that comes an assessment of their policy priorities for the next two years. Among other initiatives, one of their targets appears to be the reinstatement of the state and local tax (SALT) deductions that were eliminated in the tax cuts package from 2017. A bill has already been introduced by Rep. Eliot Engel (D-N.Y.).
WASHINGTON, D.C. -- In response to the proposal by prominent Democrats to repeal the Tax Cuts and Jobs Act and replace it with increased government transfer payments, Adam Brandon, FreedomWorks President, commented: