With a massive wave of new spending on the way, it was only a matter of time before Biden and his far-left economic team came up with massive new tax increases to match.
Whenever you tax something, you get less of the thing you tax.
The nonpartisan Tax Foundation forecasts that even raising just the corporate tax rate from 21% to 28% - one of many tax hikes the Biden administration is considering - would have serious negative impacts on the economy.
Back in January, Biden said he would back a major increase in the deficit, but wanted a large tax hike as part of a so-called "Recovery plan."
Does Biden think that a huge tax increase to pay for unproductive government spending is the way to make the economy grow, now and in the future? No. But he and his far-left political party desperately want more power.
The size of the tax hikes for huge new spending programs, including a largest-ever infrastructure program and the wasteful New Green Deal, should produce concern.
Worse, Biden's plan will do nothing to make taxes "More fair." As we noted, poor and middle-class Americans will applaud tax hikes for "Stickin' it to the rich." That is, until they find that Bidenomics will be "Stickin' it" to them, too.
https://issuesinsights.com/2021/03/18/biden-tax-hikes-aim-at-the-rich-but-hit-the-poor-middle-class/
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