By William Haupt III | The Center Square contributor
President Joe Biden - AP Photo/Matt Slocum
"Collecting more taxes than is absolutely necessary
is legalized robbery." – Calvin Coolidge, 1925
Political historians agree, the Republican Convention of
1924 in Cleveland is considered the most dull and uninteresting presidential
convention in history. Delegates didn't even attend many of the sessions. The
most popular drink was a "keep-cool-Coolidge" fruit juice highball.
Will Rogers said, "There was more entertainment at local church bingo
games than there was at this convention."
This is a reminder that politics is not about drama but
principle. It is not about charisma, it's all about character. No presidential
convention since 1924 has yielded such a principled candidate as Calvin
Coolidge. He promised to cut the deficit, taxes and welfare dependence. Calvin
Coolidge's pledge resonated with concerned voters and he defeated southern
Democrat John Davis by a landslide.
Nicknamed “Silent Cal” for his quiet and steadfast
nature, he succeeded Warren Harding, who died in office. He cleaned up the
rampant corruption in Washington and was a model of stability, respect and
cohesion for the American people. He was pro-business, against big government
and abusive taxes. Coolidge’s honesty and integrity helped restore American
confidence in central government.
Coolidge's strong belief in capitalism and small
government brought America its strongest growth in decades. He avoided foreign
conflicts, slashed taxes, federal spending and increased import tariffs. Americans
enjoyed their highest standard of living in history. Coolidge was one of the
most popular presidents ever elected. Coolidge told us, “The chief business of
the American people is business.”
The quiet, respectable Coolidge was a comforting symbol of
virtue and honesty for America. At the end of his term, Coolidge chose not to
run again, claiming he had done his duty for America. He was responsible for
the prosperity of the roaring 20s and America's unique cultural and social
evolution.
When Democrats recently proposed the largest tax increase
in almost a century, members of the GOP hastily began seeking a wizard who
could resurrect the spirit of Calvin Coolidge for advice!
The goal of the progressive's tax proposal is to put more
economic resources under the control of progressive bureaucrats, and limit
private sector economic independence. It weighs in at over 880 pages! It is
obvious why the left keeps the details of Biden's ambiguous “Build Back Better
Act” hidden from U.S. taxpayers.
"Once we pass the bill and you read it you will like
it." – Nancy Pelosi
When government spends money, it spends the taxpayer's
money. They actually believe that they have an endless reserve of capital to
spend. With more than $2 trillion in tax increases, Biden's tax-and-spend
misadventure will eclipse Obamacare’s $500 billion in tax hikes that punished
America.
Biden's tax increases will fund costly, controversial
liberal programs targeting identity and special interests that take over huge
segments of the economy. It expands dependence on government and control over
Americans and it reduces the socioeconomic benefits of free market capitalism.
Although Biden continues to claim his tax package will
not increase taxes on people earning less than $400,000 per year, official
scorekeepers at the Joint Committee on Taxation detailed that the "Build
Back Better Act" will inherently raise taxes on middle income Americans.
Under Biden's tax plan, taxes will go up for families making $50,000 or more
per year, contrary to what Biden claimed in the past.
"My tax increases will not affect anyone making
under $400,000 a year." – Joe Biden
Biden's tax hike will increase the individual top tax
rate to 46.4%. It will add a substantial marriage penalty. These higher taxes
that apply to individuals earning $400,000 will hit married couples at
$450,000. The bill will add a new 3% surtax for all taxpayers earning more than
$5 million a year.
Currently, most small businesses are not subject to the
corporate income tax. They are taxed under the individual income tax. These are
referred to as "pass-through businesses." These include sole
proprietorships, partnerships, limited liability companies and S-corporations.
Biden will end that.
By increasing the top marginal income-tax rates, Biden's
tax bill will substantially increase taxes on small businesses that file as
"pass-throughs." They currently pay their taxes through the
individual income-tax system. This will also limit the Section 199A deduction
for small business pass-through prototypes and impose the "Obamacare Net
Investment Income Tax penalty" on them as well.
Biden's bill will increase the top capital gains tax from
20% to 25%. This is another layer of taxation on business. This higher capital
gains tax and other tax increases will expand the tax code’s unfair double
taxation on investments and savings. This will diminish business output and cut
production.
The U.S. tax rate will be higher than communist China's
25%. These taxes will be paid by every American. Industry covers tax increases
with reduced wages, increased prices and diminished investment in expanding
operations and employment. Businesses don't pay taxes, consumers do.
"Those that depend on government for support forget
they are the government." – Calvin Coolidge
This bill was designed by progressives to double tax the
cost of doing business in America. It isn’t just a liberal tax-and-spend bill.
By increasing the cost of doing business and building the economy though the
private sector, this empowers progressive central planners to run the economy
for us.
Calvin Coolidge told us, "Civilization and profit go
hand in hand." Calvin Coolidge ran America like it was a business. He cut
the size of government, lowered taxes and reduced business regulations. His
modest, hands off approach to governing grew the economy 8% from 1924 to 1929.
The Dow averaged 26% growth in five years. All Americans benefited from
Coolidge's limited government.
Biden's "Build Back Better Act" creates $2.1
trillion in new taxes for every American and business. The Tax Foundation
determined it would reduce U.S. gross domestic product (GDP) by 1% and result
in 165,000 fewer jobs within 18 months. It will reduce America's standard of
living. The left's all inclusive tax penalties will give progressives more
money to spend than the total wages earned by every U.S. worker.
"Politicians think that all public money is theirs
to spend." – Calvin Coolidge
Any tax system that penalizes production and investment
in our nation's future is un-American and anti-republican. Biden's tax hikes
have nothing to do with people paying their fair share. This slaps American
enterprise in the face. It destroys the ability of market capitalism to manage
the economy through the private sector. This bill confiscates capital so
government can "redistribute wealth and misery." Biden's "Build
Back Better Act" is bad for America.
"The chief meaning of freedom is when the American
people work less for the government and more for themselves." – Calvin
Coolidge
