@CoryBooker Proposes Economy-Crushing Trillion-Dollar Tax Hike

By Phil Kerpen | BookerFail.com

Newark-UnemploymentYesterday I wrote: “The lesson from Newark is that attempting to replicate this corporate-welfare-based development strategy nationally from the U.S. Senate would be very painful for American taxpayers — and would fail to create jobs.”

Today, as if on cue, Cory Booker has put out a massive tax-and-spend plan that removes any doubt.

The major tax hikes he proposes would wallop the U.S. economy with $1.486 trillion in higher taxes. He does propose some minor tax reductions, but the net tax hike is still well in excess of a trillion dollars.  The money goes to vast new federal stimulus spending in the form of a so-called “National Infrastructure Bank,” expansion of the corporate-welfare Export-Import bank, and other spending programs that will, like in Newark, reward the rich and politically well-connected while failing to create a significant number of jobs.

Even his proposed “tax cut” element of the plan — echoing Obama’s call to lower the corporate rate from 35 percent to 28 percent — provides relief only to the biggest companies that are C corporations and, like Obama’s proposal, is dwarfed by tax hikes.

Just for liberal good measure, he also proposes universal federally-funded preschool for children starting at 3, a new “national college trust fund,” a so-called “smart grid” federal taxpayer-financed upgrade of electric utility infrastructure, and other spending pet projects.  The spending proposals are not quantified, but would likely cost even more than the $1-trillion-plus of new taxes Booker proposes, meaning his plan would also increase the deficit.

Here are the four biggest tax hikes:

CONTINUE READING…

Phil Kerpen
About Phil Kerpen 14 Articles
Phil Kerpen is president of American Commitment, and a former vice president for policy at Americans for Prosperity as well as a past researcher for the Free Enterprise Fund, the Club for Growth, and the Cato Institute.

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