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2016 Democratic Party Platform Proposes Raising Taxes and Setting up New Entitlement Programs


Posted on August 10, 2016

 

The 2016 Democratic Party platform revealed its position on tax policy which, in part, addresses income equality and tax fairness. However, it brings with it tax increases and new entitlement programs. Although the Democrats promise to keep the national debt from increasing, that promise is almost impossible to keep when you consider the money that they would like to spend.

The Democrats call for expanding Social Security and increasing payroll taxes on taxpayers earning more than $250,000.00 per year. The Democrats also want to expand the earned income tax credit and the child tax credit. In addition to wanting to guarantee pension benefits for retiring workers, it also expands and makes permanent the new markets tax credit to spur development in low-income communities. The Democrats also continue to support the Affordable Care Act with the intention of attaining universal healthcare at some point in the future.

The Democrats are known as the “tax and spend party”, and the platform planks put forward by the Democratic Party propose to raise taxes in order to spend even more money.

What do you think?

Do you have more than $10,000 in IRS debt or facing an audit from the IRS? Contact Chicago tax lawyer Patrick T. Sheehan and Associates today! 


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