A recent study by a group of highly regarded economists at the Hoover Institution, including two former members of the Council of Economic Advisers, found that the full panoply of Biden's policy proposals - Medicare for All, big tax hikes on the wealthy and the working poor, the massively expensive Green New Deal, and thousands of impending regulations - would have devastating consequences for the U.S. economy.
It would hit the U.S. economy with its largest tax shock ever, and take it down.
According to the nonpartisan Committee for a Responsible Federal Budget, Biden's projected tax increases total $4.3 trillion over the next decade, and that's a conservative estimate.
Still, many have applauded Biden's call for income and Social Security tax hikes on those earning more than $400,000, part of the Democrats' laughable war on inequality.
"Biden's plan to raise personal income and payroll tax rates would push federal rates from below 40% to, often, above 50%, and these are on top of state income taxes," the study's authors found.
A successful small business would thus be hit by a major tax hike, pushing many into bankruptcy or forcing them to let workers go.
Finally, there's the proposed 2% wealth tax on the truly rich, an idea proposed by Massachusetts socialist Sen. Elizabeth Warren and part of the Biden campaign's tax conversation.
https://issuesinsights.com/2020/11/02/bidenomics-is-a-tax-nightmare/
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