Last October, Biden predicted people would hear his plans and say “well, there goes that big-spending Democrat,” and he has certainly lived up to his own billing. As Biden rolls out policy plans with several trillion-dollar price tags each, one thing is for certain: Biden plans to raise taxes.
Under the tax policies Biden has announced, 82% of Americans would see a tax increase on Biden’s first day in office. This should not come as a surprise since Biden has been working with democratic socialist Bernie Sanders to draw up tax and spending plans.
And even worse, according to the non-partisan Tax Foundation, Biden’s tax proposal would shrink the U.S. economy by 1.5 percent and kill 585,000 American jobs. More than 80 percent of all Americans would see a tax increase under Biden’s plan.
Biden is even keeping an ongoing list of tax increases he is planning:
“I think that capital gains should be taxed at the same rate as normal property – that normal income. That would raise $1.3 trillion dollars over ten. I’d change the corporate tax rate. It was 36, it’s now 21, I’d raise it back to 28 which we push for eight years. That would raise $730 billion over ten. I’d end stepped-up basis, that’s $440 billion. I’d make sure every corporation has a minimum tax of at least 15%. Amazon is making billions and doesn’t pay a cent. That’s $400 billion. I could go down the list here. For example, just sanctions for tax avoidance, that’s $200 billion dollars per year.”
These are just some of the laundry list of Biden’s planned tax increases. Most notably, Biden said last month he was “going to get rid of the bulk of Trump’s $2 trillion tax cut.” Biden’s tax increases would be devastating for the middle class and small businesses, as well as would pose a significant threat to economic growth.
Biden’s tax-heavy proposals also fall in line with a long history of Biden’s economic failures. Biden recently reminded people of his failure to manage the 2009 stimulus package, contributing to the slowest economic recovery since World War II.
The Congressional Budget Office (CBO) determined the only long-term economic impact of the Obama-Biden stimulus “will stem primarily from the resulting increase in government debt.” The CBO also found the Obama-Biden stimulus had no “long-term effects on employment,” illustrated by the median 7.7% jobless rate under the Obama-Biden Administration, the “highest for any administration since the end of World War II.”