Joe Biden apparently believes this country needs to commit suicide and so he is offering a tax increase of $4 trillion dollars. Considering the huge losses many companies suffered from the DTMNBN (Disease That Must Not Be Named) this is plain crazy. It could cause companies to fold their tent and go home.
Biden’s plan is even more expensive than the one offered by Hillary Clinton in 2016. Her plan would have raised taxes by $1.5 trillion dollars. Biden is trying to curry favor with the far left that is demanding massive new spending.
Biden would raise capital gains taxes by 20 percentage points, which would mean decreased investment since loans made usually see a loss of one third of their investments.
With the larger costs, many venture capitalists will increase their investments overseas and drastically reduce US investments at a time we can ill afford it.
He also plans to raise corporate taxes by seven percentage points. The Trump tax cuts that brought the US corporate taxes in line with other countries led to a huge hiring boom, raises in pay and benefits for it’s employees. Biden’s plan will reverse all of that. Good idea?
The Washington Free Beacon reports:
CNBC Reporter: Biden Tax Plan ‘Most Expensive’ in Recent History
“The truth is that Joe Biden, even though he’s portrayed as a moderate, is offering the most expensive Democratic tax plan that we’ve seen from any Democratic candidate in recent history,” Frank said in an interview. “Hillary Clinton’s total plan was $1.5 trillion. Biden’s plan is $4 trillion.”
Biden has been courting a number of progressives in advisory roles to his campaign in recent weeks. Last Wednesday, he announced his new “unity task forces” with rival primary candidate Sen. Bernie Sanders (I., Vt.). The group, which includes freshman congresswoman Alexandria Ocasio-Cortez (D., N.Y.) and top economic advisers to the Sanders campaign, will collectively develop the Democratic Party’s 2020 platform.
Frank noted that Biden’s proposed raise to the capital gains tax rate by almost 20 percentage points would be the largest ever and that Biden’s corporate income tax rate would see a 7 percentage point increase. While these suggestions are not surprising, Frank said, they do raise questions as to whether they are prudent during a time of economic recession.
