Key takeaways from a new study show that Biden’s tax plan…
- increases taxes on average for households and every income level.
- shrinks America’s GDP in the short and long run.
- would have no significant effect on the nation’s debt burden.
The Details: Former Vice President Joe Biden’s tax proposals would “increase taxes, on average, for households and every income level” according to an analysis by the American Enterprise Institute. Worse, it shrinks America’s GDP in the short and long run.
This is only the latest among multiple analyses that have found that the leading proposal by Mr. Biden would shrink paychecks for workers and make America less competitive globally.
These Democrat tax hike proposals come at a terrible time: American workers and main street businesses were locked down to fight the coronavirus. We deployed a special Paycheck Protection Program to keep workers employed and businesses positioned to reopen quickly. Now that businesses are reopening and the economy is steadily adding jobs, calling for higher taxes could prolong the recovery—if not outright kill it.
Democrats have often expressed concern over the impact on our national debt from the 2017 Tax Cuts and Jobs Act, yet this analysis also finds that Mr. Biden’s plan would have no significant effect on the nation’s debt burden.
The bottom line: Workers need an economic agenda that puts their needs first, one where they can work in a good-paying job, spend and save their money how they see fit, and have access to health-care plans that fit their needs. Mr. Biden’s tax plan will shrink paychecks and make America less competitive.
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