Since February 2021, total government spending has increased over $9 trillion. Inflation has increased nearly 50%, and year-over-year food prices are up more than 12% — the largest increase ever. Just when you thought things could not get any worse, Congressional Democrats are implementing one of the most regressive tax hikes in recent history.
The U.S. Senate has passed its spending bonanza bill and it awaits the rubber stamp the U.S. House is likely to provide. According to Grover Norquist at Americans for Tax Reform, this bill will:
- Increase crude oil tax by $12 billion further increasing the cost of gas for North Carolinians;
- 15% corporate alternative tax — hitting 505 NC companies that employ 358,000 people;
- $124 billion stock tax, which will hit North Carolinians 401Ks, IRAs and Pension plans;
- $52 billion income tax hike in mid-sized and family business, and
- Supersizing the IRS to increase audits. That’s 86,000 additional Internal Revenue Service agents (the IRS currently has 78,661 full-time staff) .
Why do Democrats want to increase taxes on natural gas, crude oil, coal, American manufacturing, small businesses, and working families at a time when the economy is declining and, contrary to Democrat propaganda, we are in a recession? During the 2020 election, then-candidate Joe Biden said that he would not raise taxes on any family earning less than $400,000 per year; however, that promise is broken as practically every American will be impacted by higher gas prices and higher electric bills, especially this winter.
Tax increases on American manufacturing and small businesses will plunge the economy into a deeper recession as corporate payrolls slim down and employees are laid off. What reasonable-minded Representative would impose a new 15% corporate alternative minimum tax, or a new tax on American manufacturing, or higher taxes on mid-sized and family businesses at a time when the economy has experienced two quarters of GDP decline (the traditional definition of a recession) and the highest inflation in a generation?
And, why have Democrats declared war on working families and small business owners by specifically targeting them with audits and harassment by the IRS?
Since taking office, Joe Biden and Congressional Democrats have presided over one of the worst economies since the 1970s and their policies will only make America even worse. While American families continue to struggle under Democrat policies, why are they implementing such regressive policies now?
Congressional Democrats and Joe Biden know a Red Wave is coming this fall, and this is their last chance to pass legislation aimed at paying off their special interest buddies before the 2022 midterm elections.
Our job is to carry our positive message to voters and remind them the economy is better under Republican policies. Each day, I am doing my part to carry this message to potential supporters. I spend hours each day on the phone, attend events throughout the week, and knock on doors and talk to voters one-on-one.
As long as we keep the focus on the economy and not allow Democrats to refocus our attention on other issues, we have a real chance of a Big Red Tidal Wave this fall.
As President Ronald Reagan said, “If we lose freedom here, there is no place to escape to. This is the last stand on earth.” I’m calling on my fellow Republicans to reach out to your local party and ask how you can help. Together, we must make our stand to save our country for our children and grandchildren. I am doing my part. Will you join me?
Christine Villaverde is a proud mother of three, a former law enforcement officer, and a candidate for U.S. Congress in the 2nd Congressional District.