Killing Jobs and Raising The Cost Of Living – Day Two
Killing Jobs and Raising The Cost Of Living – Day Two by Rory for The Daily Coin
We explained how on Day One #NotMyPresidentElectbiden is planning on closing the XL Pipeline coming-out of Canada to make delivery of oil easier and cheaper, while at the same time creating hundreds, if not thousands, of good paying jobs. Well, that wasn’t good enough, now the attack turns towards taxes and small businesses.
Biden’s proposed tax increase would hit the wealthy, whom he defines as those making over $400,000 per year. By national standards, $400,000 is a big paycheck, one that only 1.8% of taxpayers earn. But by big-city standards, it’s not all that much of a salary.
Further complicating the uncertainty facing small businesses is Biden’s proposal to increase the national minimum wage to $15 an hour. It’s contained in his proposed emergency $1.9 trillion rescue package.
A 2018 Congressional Budget Office report found that increasing the national minimum wage would have long term negative effects, saying, “1.3 million workers who would otherwise be employed would be jobless in an average week in 2025.” Source
The “Fight for $15” is a job killer. Cities that have implemented this policy have lost thousands and thousands of jobs across the spectrum of the labor landscape. In some industries, and individual companies, simply doesn’t make fiscal sense.
The report also estimated that there are about 5,000 fewer low-wage jobs in the city than there would have been without the law. Source
#NotMyPresidentElectbiden has already said that he planned on “roll back” all of President Trumps tax cuts. This will immediately remove almost $1,500 annually from my personal cash flow. Someone making a lot more than myself will be hit a lot harder. The $400,000 threshold is something completely different.
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cuts, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” Biden said, according to a pool report of the virtual fundraiser. Source
With the first of many migrant caravans already on the move to our southern border, how many more jobs will be transferred from American citizens to border jumpers? What impact will this have on the tax base in our communities? My guess is, this will be devastating to most communities with services cut across the board combined with skyrocketing local and state taxes. Which begs the question – how long before states begin putting up their on border walls and reject any and all border jumpers and H1B visa implants?