Vote down Schumer-Manchin tax bill

“If you want more of something, subsidize it; if you want less of something, tax it.”

Those prescient words were uttered by Ronald Reagan. Putting his money where his mouth was, he ushered in the era of Reaganomics by cutting taxes and trying to get a handle on spending — which led to a massive revitalization of America’s economic engine.

Unfortunately, that lesson in common sense economics is lost on President Biden and the Democrats in Congress as they push to raise taxes and increase spending in the so-called Schumer-Manchin bill.

The legislation is completely misguided in virtually all aspects. Consider:

• Part of the bill addresses climate change — which we absolutely need to do. That issue, however, should be stand-alone legislation, openly debated so that Americans understand exactly what is being proposed. But throwing a non-starter climate change package into an already complicated legislative hodge-podge does a disservice to one of the most pressing issues at a critical juncture.

• Another provision would allow the federal government to negotiate price controls on behalf of Medicare for prescription medications.

Such a measure could end up creating drug shortages, and disincentivizing pharma companies from producing certain medications and maintaining their presence in the U.S. market at current levels. There are much more effective ways to lower drug prices, starting with lengthening patent periods for prescription drugs.

• In a stupefying move, the Democrats actually think that a massive expansion of the IRS is a good move. Unequivocally, it isn’t. Funding the IRS to the tune of an additional $80 billion — which is six times its current budget — and hiring an additional 87,000 agents and auditors would lead to small business and the middle class going through pure hell.

And for what?

The government is raking in record taxes! But because congress continues to rack up monumental deficits, it needs to “find” more money to fund its insatiable appetite for reckless spending. Translation: if this bill passes — taxpayers beware.

• Perhaps the provisions with the most negative impact are the proposals to raise corporate taxes. One of the most monumental accomplishments of the Trump Administration was lowering the U.S. corporate tax rate from 35 to 21 percent. In doing so, countless businesses and millions of jobs were kept in America rather than being offshored.

Given the number and amount of taxes that businesses pay, it was a breath of fresh air to finally reduce the federal corporate tax rate. The results speak for themselves, as unemployment in America dropped to historic lows (with the lowest levels ever recorded in the Black and Hispanic communities), an economy on fire, and a stock market that kept hitting record highs. Yes, the unprecedented coronavirus pandemic has put a damper the world’s business activity, but America’s economy has weathered the crisis with remarkable resiliency.

But ignoring the age-old adage of “if it ain’t broke, don’t fix it,” the Democrats don’t just want to tinker with taxes, but raise rates them substantially.

What Mr. Biden and Senator Schumer don’t seem to understand is that there’s no such thing as a business tax, because companies will always — always — pass those added costs on to others. Obviously, higher prices will result from raising corporate taxes, which would only add to America’s skyrocketing inflation rate. But tax hikes also adversely hurt the very people the President claims to want to help: the average American worker.

High taxes can never be justified, but the pill might not be so bitter if at least the money was wisely spent.

But we all know otherwise — especially with over-excessive stimulus payments for the crisis-du-jour, bloated infrastructure plans, and social-engineered “woke” spending bills.

Winston Churchill stated: “We contend that for a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”

Here’s hoping that common sense congressional Democrats learn from history by joining with Republicans in voting down tax increases and unnecessary spending sprees that will hinder America at a time we can least afford it.