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Jun 07 2021

Democrat Bill Would Impose 95% Tax on Common Medicines

When it comes to looting the American population, Democrats have no more mercy than a Black Lives Matter mob inflicting racial justice at the local Target. Not even the most vulnerable are safe. Pelosi et al. hope to impose a 95% tax on the most common prescription medicines.

Insatiably greedy Democrats have been in a tax-raising frenzy:

The top personal income tax rate, which is also the tax rate paid by successful small businesses such as LLCs, sole proprietors, partnerships, and S corporations, would rise from 37% to 43.4%. The corporate tax rate would go up from 21% to 28%, close to the highest rate in the developed world. The capital gains tax rate would rise from 23.8% today all the way to 43.4% for higher earners. A second, “double death tax” would be created by taxing people on their unsold investments at death, assets that would then still be subject to the 40% death tax.

But until we reach 100% taxation on everything, it will never be enough. Presenting HR3:

The bill imposes government price controls on 250 of the most common prescription medicines, including insulin. In order to make sure that the price control is adopted, the government gives an “option” for the drug to be subject instead to a brand new 95% drug tax. Since people ultimately pay taxes, the 95% Pelosi Drug Tax will fall directly on consumers of prescription medicines, notably seniors.

Drugmakers can avoid the tax by submitting to Venezuela-style price controls. The problem is that, as Venezuela demonstrates, price controls produce scarcity. They also make it less feasible for the pharmaceutical industry to come up with new drugs to extend and improve our lives, which they cannot do if Big Government won’t let them make a profit.

Yet again we see that having Democrats in power means a lower standard of living for the average American. If they didn’t control the media, only lunatics would vote for them.

On a tip from Dragon’s Lair.


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