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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
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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
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