Biden’s Tax Hike Plan Has Dire Implications, Former White House Economic Adviser Warns
Former Trump economic adviser Larry Kudlow recently warned about the dire implications of President Biden’s big tax plans.
A former top economic official in the Trump Administration recently warned about the disastrous effects if President Biden gets to hike taxes on hard-working Americans and American businesses.
“[M]ost of these initiatives are anti-business,” Larry Kudlow said in a recent radio interview. “A lot of class warfare against wealthy people … and raise the capital gains tax, double the capital gains tax.”
Kudlow is a long- time CNBC economic analyst and served as President Trump’s Director of the National Economic Council. He also served under President Reagan as the associate director of economics and planning, in the Office of Management and Budget and now hosts a show on Fox Business.
He said Biden’s plans will hurt the economy.
Kudlow said:
You’re not going to bring investment home. You’re going to repel investment. Corporations will leave. Inversions will start all over again. If we wage war on businesses and wealthy investors, that is nuts. And that’s part of this class warfare that will do great harm to our economy and to the stock market.
Biden’s tax plans are raising serious concerns, even among some Democrats. Many people are seeing his plans to raise taxes as insane, considering that the economy is still weak in some places due to big government, leftist-imposed government lockdowns.
“President Biden's plan to pay for his coming infrastructure package with big tax hikes already is meeting some resistance from moderate Democrats, a stumbling block for his progressive ambitions,” Axios recently reported.
"We need to be careful not to do anything that's too big or too much in the middle of a pandemic and an economic crisis,” New Jersey Democratic Representative Josh Gottheimer told the left-leaning publication.
Do you think Biden will try to raise taxes that will hurt American job-creation? Will he let AOC and Chuck Schumer write his whole agenda? Let us know below!