House Speaker Nancy Pelosi plans a vote soon to push Senator Bernie Sanders’s $3.5 trillion socialist dream budget one step closer to law.
The news grows worse from there.
Every other detail about this onerous legislation merits scorn, revulsion, and rejection.
The Build Back Better budget resolution boasts a $3.5 trillion price tag. Taxpayers should be so lucky.
This figure assumes that several key initiatives, including the child tax credit, will expire in three to five years. Since government programs are virtually immortal, this is not wishful thinking. It’s pure fantasy.
Reasonably assuming that these programs grind on for 10 years swells the budget’s true price to $5.5 trillion. Add the Senate’s $1 trillion “infrastructure” bill, which most House Democrats hope to append, and Bernie’s budget hits $6.5 trillion.
Next, blend in $400 billion for interest payments on the exploding national debt. This pushes the “$3.5 trillion” package’s real cost to $6.9 trillion—nearly double its advertised price!
“Bernie’s Budget is all about inserting the Federal government into the daily lives of all Americans and spending as much money as possible while doing so,” warned House Budget Committee ranking Republican Jason Smith of Missouri.
Democrats plan to underwrite this bachelor-party-like extravaganza by borrowing from the Chinese Communist Party, God love them, and by hiking levies on America’s beleaguered taxpayers. Bernie’s Budget constitutes the biggest tax increase since 1968—before man walked on the Moon.
The Club for Growth Foundation counts $3.6 trillion in new taxes in this measure. Among them:
- Higher revenues from growing the IRS’ size and reach: $266 billion.
- A boost in long-term, combined, capital gains taxes from 29 percent to 48.4 percent: $322 billion. If this bill is enacted, investors seeking lower capital-gains taxes could find them in Red China.
- New IRS spying and subsequent taxes on transactions in bank accounts with balances of $600 or more: $463 billion.
- A new global minimum tax on U.S. companies operating overseas. $534 billion.
- A more-than-one-quarter hike in the corporate tax, from 21 percent to 26.5 percent, totaling $858 billion. Add state levies on such enterprises, and U.S. companies would strain beneath the developed world’s highest tax burden. This is dreadful for American businesses, jobs, and growth and a boon to this country’s economic rivals.
Beyond spending and taxes, the Bernie Budget would bludgeon the Land of the Free into a socialist “worker’s paradise.” Among its far-Left social-engineering schemes:
- An annual methane-emissions tax would cost dairy farmers an extra $6,504 per cow.
- Tax credits for university “environmental justice programs.” Cost: $1 billion.
- A $1,500 tax credit on electric bicycles that cost up to $8,000. $7.4 billion.
- A $1,200 tax credit for green doors, windows, and skylights: $15 billion.
- Individuals with incomes up to $200,000 could collect $82,000 in federal housing down-payment subsidies.
- “Free” college! Cost: $50 billion
- “The Democrat bill shovels $3.5 billion of your money so DC bureaucrats can create something called the ‘Civilian Climate Corps’—a make-work program for young climate activists,” Americans for Tax Reform founder Grover Norquist marveled. “Perhaps they’ll knock on your door with a clipboard and tell you to put on a sweater instead of heating your home adequately.”
These taxpayer-funded eco-busybodies also would be unionized. And, of course, their union dutifully would kick back a chunk of their members’ mandatory dues into the Democrat Party’s campaign coffers.
“In the face of mounting inflation and economic instability, a rational Congress would enact pro-growth tax and spending reforms that pave the way to a smoother recovery,” Andrew Moylan advises. The National Taxpayers Union’s executive director adds, “Instead, current leaders are marching full speed ahead with the most sweeping expansion in the size and scope of government in decades. It’s like throwing a drowning child an anvil instead of a life preserver.”
Appalled? Call 202-225-3121 and tell your congressman to vote “Hell No!” on the Pelosi/Sanders/Biden blueprint for instant socialism in America. One Venezuela will suffice.
Deroy Murdock has collaborated, since the Reagan era, with the organizations cited in this opinion piece.
Deroy Murdock is a Manhattan-based Fox News Contributor, a contributing editor with National Review Online, and a senior fellow with the London Center for Policy Research.