Biden's Radical Tax Plan Threatens the Middle Class

Pretend it's April 2021. President Joe Biden, House Speaker Nancy Pelosi, and Senate Majority Leader Chuck Schumer are putting the finishing touches on the conference report for H.R. 1, the "COVID Emergency Relief Reconciliation Act of 2021," which everyone on Capitol Hill calls by its acronym, "CERRA." It only requires a bare-majority, party-line vote in both chambers (without resorting to any Senate nuclear options), since Democrats have chosen to use budget reconciliation rules. Because CERRA raises tax revenue outside the budget window, all of its tax increases are permanent law. Using the precedent of the 1993 Clinton tax hike, the tax increases in CERRA are retroactive to the beginning of 2021. Read Full Article »