Beware of The Biden Economy

 

What would be the cost of Joe Biden’s economic agenda? The answer is in: Fewer jobs, lower incomes, a weaker economy, and a dimmer future for millions of American families. Those are the findings of a new study from the well-respected Hoover Institution. A team of economic experts looked at Biden’s plans on taxes, regulation, energy, and health care. As they show, Biden’s plan would give more power to the federal government in every area, leaving less opportunity for the American people. Check it out: - Jobs. Biden’s plan would eliminate about five million jobs over the next decade. Simple logic explains why: By raising taxes and regulatory burdens on job creators, companies of all sizes will find it harder to expand or stay in business.  - Wages. Biden’s tax-and-spend plan would take $6,500 off the median household income within the next 10 years. Once again, the cause is clear: When the government takes more of people’s money, families have less to spend and save.  - Growth. Biden would repeat the mistakes of the Obama years, leading to a painfully slow economic recovery. By 2030, the economy would be nearly 10% smaller than expected. That’s $2.6 trillion in lost innovation and lost progress for everyone. - Family Budgets. Biden’s regulation-heavy approach would push Americans to buy far more expensive products, from pricey health insurance to electric cars. The result would be more money for liberal special interests and less money for families. - Corporate Welfare. Biden’s plan for energy and health care would require massive government subsidies for politically favored companies. The government would double down on picking winners and losers, which would make the economy less fair and free. The list goes on. Other new studies have found that Biden’s tax plans would lead to a combined state and federal tax rate of 60% or higher in New York, California, and New Jersey. In other states, taxes would skyrocket as the government took a bigger chunk of people’s paychecks. Biden’s economic plan is a bad idea in normal times. It’s especially dangerous as America tries to reverse the damage done by the coronavirus. At a time when millions are struggling, why on earth would we make it harder for the American people to thrive again?

Liberal Tax Hypocrisy

 

Who knew that Democrats love tax cuts for the rich? 

They’d never put it that way, but that’s what Joe Biden, Nancy Pelosi, Chuck Schumer, and virtually everyone on the left are demanding with their calls to repeal a key part of the 2017 tax reform law.

Democrats are promising to roll back one of the most important provisions of the 2017 reforms. The Republican law eliminated the open-ended deduction for state and local taxes. This move raised taxes on high earners in the most liberal states, which allowed for larger tax cuts on job creators and working families. Even liberal groups have praised this policy, yet Democrat leaders are dead-set on repealing it, giving mostly wealthy Americans a $137 billion tax break.

The reason is simple: The state and local tax deduction lets liberal states hide the costs of their own massive tax hikes. Rich liberals in California, New York, New Jersey, Connecticut, and Illinois are finally feeling the full sting of their states’ high tax rates. Those states should be cutting their own taxes and spending, not pushing Joe Biden and the Democrats to give them a handout.