Dems unveil massive multi-trillion-dollar tax hike

FEE's Brad Polumbo writes, "This morning, Rand Paul tweeted, “If you think you’ve got a case of the Mondays now, wait til you see how much the Democrats are trying to raise your taxes.' The senator is right that taxpayers are in for a rude start to the week—because progressives in Congress are coming for their wallets. The House Ways and Means Committee, led by Rep. Richard Neal, just unveiled a multi-trillion-dollar tax hike proposal.

This morning, @RandPaul tweeted, “If you think you’ve got a case of the Mondays now, wait til you see how much the Democrats are trying to raise your taxes.”

The senator is right: Progressives in Congress are coming for your wallets. By @brad_polumbo https://t.co/OqzMEN0STW — FEE (@feeonline) September 13, 2021

The efforts come amid a push from left-leaning legislators to spend trillions of dollars in a record-breaking expansion of the welfare state. The latest proposal focuses on how to 'pay for' the $3.5 trillion spending schemes with new tax increases and changes. It proposes raising the corporate tax rate from 21 percent to 26.5 percent and increasing the top income tax rate from 37 percent to 39.7 percent. The plan also adds a 3 percent tax surcharge on those making $5 million or more."

Read the entire column.