Just over three months into his presidency, Joe Biden has been nothing if not active. Fresh off proposing two bills that could end up costing taxpayers $5 trillion over the next decade, the President is now proposing yet another $1.5 trillion spending package. This plan, intended to fund expanded childcare and education initiatives, would include huge tax hikes that would act as yet another sucker punch to a still-rebounding economy.
About the only tax increases the President hasn’t supported thus far arewealth taxes and financial transaction taxes. But just because the tax hikes in this package are less exotic doesn’t mean they wouldn’t prove to be harmful.
In keeping with Biden’s ongoing efforts to undo the 2017 tax reform law, the first tax increase proposed is the restoration of the top tax bracket to 39.6 percent, the level it was at before the Tax Cuts and Jobs Act (TCJA) lowered the rate to 37 percent. The top individual rate isn’t the most influential piece of the tax code on economic growth — as the Tax Foundation estimated prior to the passage of the TCJA — but it’s also far from the only tax hike that Biden is proposing.
House Democrats blocked a Republican attempt on Monday to require any proposed climate change legislation to also include its projected cost.
Under the Pay As You Go (PAYGO) rule, any additional government spending proposed must be accompanied by tax increases or separate cuts. After a push from several lawmakers in the Democratic Party’s progressive wing, however, the rules package for the 117th Congress states PAYGO will not apply to legislation relating to the necessary economic recovery or U.S. efforts to combat climate change.
The Virginia House of Delegates was under Republican control for more than twenty years. This year, the Democratic party is in control of the House of Delegates, along with the Senate, and the Governor’s Mansion. This is the first time in three decades in which one party has had complete control.
The Republicans left the present Democrat controlled house with the title of being the number one rated state to do business, according to CNBC. We were also rated the third safest state in which to live and first in recidivism in the United States.
NASHVILLE, Tennessee – While the Tennessee House of Representatives returned to committee and subcommittee meetings this week, the situation was anything but normal.
The Tennessee General Assembly adjourned on March 19, after passing a limited number of bills and a reduced fiscal 2021 budget, in the interest of slowing the spread of COVID-19. At the time, the General Assembly was to stand in adjournment until June 1.
Thursday marked the end of a hectic week for Tennessee lawmakers as the deadline for filing bills to be heard in the first session of the 111th General Assembly approached. The two houses of the General Assembly had their own respective deadline, with the House being on Wednesday and the…
Minnesota Democratic House Speaker-designate Melissa Hortman (D-Brooklyn Park) announced Wednesday that democratic legislators are preparing to introduce a package of 10 bills as early as next month. The new congressional session will begin January 8 and the Speaker plans to introduce the package the next day. While the specific bills have yet…
As the second half of the 110th Tennessee General Assembly gets underway, many committees are in the hearing and organization meeting mode awaiting bills to review. There were several interesting bills scheduled for the House Civil Justice Subcommittee Wednesday, but most were “taken off notice” by the respective bill sponsor,…