He wants the people to believe he is with them.
He claims to support the hardworking citizens of America.
However, Biden’s new tax plan is hiding a disturbing secret.
As election day grows nearer, Biden is banking on his tax plan winning him the election.
With so many people dissatisfied about Trump’s handling of the coronavirus, Biden believes the disgruntled people will not peer too deeply into the internals of his new plan.
And it will have dire consequences in the long run.
For starters, Biden’s plan proposes to raise taxes by four trillion dollars. Four trillion. This is an insane amount.
In contrast, Elizabeth Warren’s plan would have raised taxes by 2.75 trillion dollars while Bernie Sanders proposed only a 1.5 trillion-dollar tax raise.
These numbers are over twice what Hillary Clinton proposed in 2016.
This is the largest confiscation and redistribution of wealth in American history. And Biden is at the center of it.
While Biden’s team is packaging this plan as a cure-all for the economy and for the average citizen, the numbers tell a different story.
The Tax Foundation found that Biden’s plan would have an enormously negative effect on the economy.
“According to the Tax Foundation General Equilibrium Model, Biden’s tax plan would reduce the economy’s size by 1.51 percent in the long run. The plan would shrink the capital stock by 3.23 percent and reduce the overall wage rate by 0.98 percent, leading to 585,000 fewer full-time equivalent jobs.”
That news is terrifying enough.
Additionally, one of the key points of Biden’s plan is raising the corporate taxes income rate from 21 percent to 28 percent.
This increase will be the doom of small businesses across America.
If this plan gets passed, it will dramatically lower companies’ gross domestic product (GDP).
Small businesses will be crushed on both sides by steadily increasing taxes all while earning less income than ever before.
Biden claims that these tax increases will go towards the national debt.
However, an analysis of Biden’s proposal by Kyle Pomerleau, Jason DeBacker, and Richard W. Evans found that:
“The Biden plan reduces US debt but not enough to stabilize the dramatically increasing debt-to-GDP ratio.”
So Biden is willing to sacrifice small businesses to try and fix America’s debt.
Unfortunately, this is just wishful thinking not based in truth or backed by evidence.
The Washington Times reported:
“Mr. Pomerleau said the Biden proposal doesn’t appear to address the deficit or debt. ‘If you were to take all of that revenue and apply it to the deficit… the government would still need to cut spending pretty drastically in the future to balance the budget and stabilize the debt,’ he said. ‘So from a fiscal policy standpoint, Biden is not really focused on that.’”
The bottom line is simple: His new tax plan increases government power.
And any plan that increases government power is one that will spell disaster for America’s future.
As the election grows closer, people should seriously consider what kind of future they want America to have.