President Biden’s $6 trillion budget would be the highest planned spending, as a percent of the economy, since World War II, and the deficits would run above $1.3 trillion for the next 10 years. That spending would exceed $45,000 per household and push the national debt to exceed $44 trillion in 10 years. That equates to $300,000 per household, according to The New York Times.
To make matter worse, Biden plans to give global elites power to raise taxes under the guise of forcing companies to pay “their fair share.” This global tax empowers foreign countries to raise taxes that will only hurt the poor.
Paolo Mauro, a fiscal affairs deputy director for the International Monetary Fund, said this also could apply to “other taxes such as personal income taxes or closing loopholes in capital income taxation, property taxes, inheritance taxes, so there’s a whole menu of options available to policymakers.”
Unfortunately, those “policymakers” are the elite Eurocrats that benefit from a global tax because it gives them more power.
Even if this mandate avoids running afoul of the U.S. Constitution, it would invite foreign and domestic government growth and spending to spiral out of control more than it already has. These officials would be free to jack up taxes as high as they like with no fear of public blowback.
No longer will voters have ultimate control over their own level of taxation. Politicians would be free of any checks and balances carefully woven into the Constitution.
God bless the children, for they shall inherit the national debt.
Ed Liberatore
Turtle Creek