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PoliticsThe Schaftlein Report

Taxes, Inflation, and Spending Explode Under Biden’s Proposed Plans | Schaftlein Report

Taxes, Inflation, and Spending Explode Under Biden’s Proposed Plans | Schaftlein Report
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Guest: David Brat – Former Virginia Congressman, Dean of the Economic Department at Liberty University
Topics:
1) Biden’s $4T Spending Plans versus McConnell and Republicans $600B plan. Where will it end up. How is it paid for?
2) Tax Plan to raise taxes on couples making over $509,300 and Singles over $452,700
3) Corporate Tax Rate plan at 28%. Sen. Manchin say 25% is top rate.
4) Under Biden plan, the top .01% will pay rates in excess of 50%. Top 20% already pay 95% of taxes.
5) High Tax Blue state House Democrats want to restart SALT deductions costing Billions. This appears to be a non starter
6) Biden wants 43.4% Capital Gains for over $1.0M in income, Goldman Sacs sees top rate at 31.8 including the 3.8% Obamacare tax
7) Chairman Powell – We’ll need to create jobs for everyone even if inflation runs “hot”. It’s “Transitory” – The Fed is buying $150B per month in bonds while the economy is growing 6.5%?
8) Oil is above $65 per barrel. Gas in CA is $5 per gallon. Lumber soars! Food, energy and housing prices going up. Corporations are being forced to raise prices
9) 2 Republicans advance in Texas congressional seat. Susan Wright and Rep Jake Ellzey. Democrats shut out – California lost seat in congress likely to be an LA county Democrat
10) Biden scraps $10B in funding for wall projects previously approved by Trump of funds used from defense budget for national security at southern border
11) Liberty University hosted successful African Christian Networking Summit

Andrew West

Andrew West is a freedom-forward author from the State of Georgia who has been covering politics since 2016.

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