On Sunday, my colleague Katherine Revello published a spot-on piece in which she explained the potential for not only economic damage, but a loss of freedom connected to Joe Biden’s planned tax hikes.
As reported in The Hill, those hikes would include a 7 percent rise in corporate taxes, tax increases on capital gains (such as money earned through the stock market), and an increased income tax for those making more than $400,000 per year (which would damage small businesses that report income through the owner’s personal return).
As Katherine discussed, Senator Elizabeth Warren proposed that the increases include a tax on property Americans already own, charging the wealthy a value percentage of everything in their possession. That would be a dangerous precedent, because it would directly violate the Constitution’s Fifth Amendment, which says that private property cannot be taken for public use without just compensation, as well as the Supreme Court precedent set in Armstrong v. United States (364 U.S. 40, 1960) which forbids placing a larger burden on some members of society.
But friends…let us be honest. Although it would punish successful Americans and damage the economy, even many on the political right aren’t going to cry over the idea of rich people paying higher taxes. And if conservatives try to stop the increases, they will take political damage.
So, here’s my proposal: Offer to trade higher taxes for finishing the border wall (or some lesser goal) and call the Democrat’s bluff.
Here’s the thing. Democrats now benefit far more from large corporate support than conservatives, and they stand to lose big if Wall Street becomes angry with them. If you don’t believe me, here are a few examples of how big businesses have supported Democrats of late (and sold regular Americans out):
1. They supported Democrats and corrupted Republicans so they could get cheap labor (and cheap domestic help for the rich) through illegal immigration.
2. They sent our jobs overseas.
3. They first allowed, then encouraged the professional sports teams they run to kneel for America’s National Anthem.
4. They have consistently supported every “woke” social justice idea that entered the public consciousness, bowing to the mob no matter how outrageous the demand.
5. They stopped donating to serious conservatives, and many financial institutions will no longer even allow outspoken conservatives to use their services, making it extremely difficult for conservatives to raise money.
6. During the GameStop incident, Wall Street proved it was willing to crush any effort by ordinary Americans to band together to make money through stock market capital gains, even if Americans were employing the same tactics as Wall Street traders.
In the past, large businesses have usually favored the right, because we pushed back against the kind of insane socialist policies that would cost them everything. Now they take not just us, but America, for granted. And no wonder: when news of Biden’s tax plan leaked, establishment Republicans such as Senate Minority Leader Mitch McConnell (who turned on Trump post-election so fast it made Republican heads spin) wasted no time in jumping to the defense of wealthy donors.
But today, if big businesses want conservatives to protect their basic rights, they need to stop treating Americans like last week’s garbage. Some greedy Republicans will continue to defend them, but the rich and powerful need to hear loud and clear that support from the right is not automatic – we are here for the American people, not for you. If the balance of your activity cuts against America, we will allow your financial underpinnings to be cut out.
That includes making Democrats choose between their base and their benefactors.