Joe Biden has unveiled a plan to spend an additional seven trillion dollars in his newest plan to bankrupt America. He claims he will get most of the money by raising taxes on the rich but that only accounts for four trillion dollars. Guess who will pay the rest? His plan is three times larger than the one Hillary proposed in 2016.
Biden says he plans to use the additional funds to use towards racial equality and social justice programs. Biden plans to re-institute the highest corporate taxes in the world that led to a massive increase in the US economy. By returning to the high tax days, it will cost Americans jobs, combined with his open borders policies will inflict great harm on our economy. Blacks and Hispanics will bear the brunt of the load in competing with cheap foreign labor.
The Wall Street Journal reported:
Mr. Biden’s plan to address what he frequently calls “systemic racism” is grafted onto nearly all aspects of the $7 trillion-plus in new federal spending that the former vice president has proposed for the next 10 years, according to campaign and think-tank estimates. That is triple the new spending that Democratic nominee Hillary Clinton proposed in her 2016 campaign for president.
The Biden campaign has specified about $4 trillion in tax increases to help pay for his proposals, chiefly by raising rates on corporations, investments and high earners. President Trump has warned the big tax hikes would snuff out any signs of economic recovery from the coronavirus downturn. Other critics worry the plans will exacerbate the record government deficits resulting from Mr. Trump’s 2017 tax cuts and the massive pandemic spending.