In 2016 people made mention of the fact that Hillary wanted a tax increase of $1.5 trillion dollars, the largest in history but now it appears that Joe Biden wants that record as he proposes a jaw dropping tax increase of $4 trillion dollars. He plans on getting most of that money from the two areas that aid the economy the most. One area is the capital gains taxes. This is where companies go looking for venture capital to fix their ailing companies or to expand.
The second is the corporate tax rate. President cut the rate to make our products competitive with other countries that had a much lower corporate rate than the United States. It is hard to ignite the economy if there is no fuel for the fire. And he plans on using the new taxes to implement parts of the Green New Deal that will once again destroy manufacturing in the United States. That should get China to reward Biden more than they already do. He might even sell them Texas.
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.