People never realize what will happen when they do something, as they look short-term and consider the long-term only if told to. The election of Biden and the promise by Democrats have not even begun to show what will happen. Democrats have promised to raise tax rates, which means that companies will increase the price of what they offer because of this. Electric rates will be rising because of the increase in taxes, which were just dropped a few years ago from tax rates dropping because of the GOP efforts. People will have less money for everyday items, such as food.
The Tax Cuts and Jobs Act cut the corporate income tax rate 14 percent when it passed. Many of the nation’s electric companies took this as a time to cut the costs of electricity to their customers. This allowed people to have more money. The Democrat plan after the election is to keep their promises to raise the tax rates. This means that the electric rates will be raising because of having to pay more. This is how companies pay for increases to their bottom line. Many companies have already come out and said this is what will happen.
The liberal mindset is that any cuts to the costs of doing business via tax cuts or tax credits are corporate welfare. There are many times that the government has given welfare, but cuts and credits are a way to help some important businesses cut costs to make their necessary products affordable. This also helps bring jobs, which means communities benefit from the spending by the employees and can increase the local tax base. This is not welfare, just common sense practices when the company can bring these benefits. This is not the Democrat way of thinking.
There are plenty of taxes that are talked about when it comes to energy, but the one that is not talked about is how government regulation raises costs. In the United States, uranium is closely monitored and controlled by the government. Coal is constantly being dealt blows by changing government policies. Electric companies themselves are almost state-sponsored monopolies, which means people rarely have any chance to chose who their provider is. There is also the hidden taxation of not being allowed to completely disconnect in many areas because levels of government need the taxes.
Democrats promised to raise taxes and this will bring about everything becoming more expensive. Electricity is a requirement and providers get to be a monopoly because of laws and regulations. People will have less to spend, which will harm the economy. The minimum wage increases will do nothing to offset this, just allow people to stay needing government intervention. People who own businesses will have added costs that will need to be passed on to their customers. This will be a never-ending loop that will keep getting worse until people realize there needs to be a fix. Simple common sense shows this all to be true.
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