Armstrong Economics Blog/The Hunt for Taxes Re-Posted Apr 22, 2021 by Martin Armstrong
The Democrats are twisting the facts as always by claiming DeSantis is raising taxes on consumers and cutting taxes for business. The bill he just signed is estimated to tax consumers $1 billion a year, with the money first earmarked for the unemployment trust fund, which became depleted because of massive job losses during the COVID-19 pandemic. Businesses pay taxes that go into the trust fund and, without another source of money, would have faced higher taxes to replenish the fund. But what they do not tell the people is that pushing higher unemployment taxes on business actually means that comes out of your paycheck.
The Democrats just cannot bring themselves to ever tell the truth. While I am not in favor of raising sales taxes on everything I buy online, the net effect is that those with jobs would be paying the tax for those who lost their jobs thanks to lockdowns and COVID. Let’s call this what it really is — a COVID Tax.