Biden’s 100-day speech emphasized Democrat’s intentions to raise taxes aimed at wealthy individuals and investors. Republicans are decrying Biden’s tax plans as tantamount to shooting the American economy in the foot to get it to run when all economic indicators point to a bullish recovery if Biden would
President Biden’s speech particularly alarmed market experts, such as Trump’s Director of the National Economic Council, Larry Kudlow, who believe Biden made it plain as day he sought to punish success.
“I don’t want the Green New Deal, which is going to destroy fossil fuels, and I sure as heck don’t want to see double and triple taxes, the highest in 50 or 60 years, placed on businesses,” Kudlow told The Cats Roundtable.
He noted Biden’s tax hikes while championing the working class and promising the creation of higher-paying jobs, inadvertently punishes the working class and stifles the creation of jobs by taking aim at the jobmakers.
“To have a good job, you’ve got to have a healthy business or a new business—now to sustain that, you need investors, successful people, entrepreneurs, heaven forbid wealthy people, families, friends,” Kudlow explained, telling The Cats Roundtable this fundamentally discouraged investors by raising the tax threshold on their investment gains. It’s their emphasis on fairness that will increase inequality, Kudlow said, and ultimately Biden’s tax plans just miss the point.
“All that says is: don’t invest, don’t create new business,” Kudlow warned. “And after all, without investment, you’re not going to get a good-paying job.”
The partisan inability for Biden to smell the roses is apparent in how successful Trump’s tax cuts on businesses were in stimulating employment and wages.
“Biden refuses to learn from Trump, who cut taxes on businesses, and we had an unbelievable boom, with record low unemployment, and by the way, the first real wage increase in twenty years,” Kudlow noted. “My basic point is the economy is booming—let it boom! If it ain’t broke, don’t fix it. Don’t jack up taxes on companies that create jobs. It’s not going to work. We’ve learned that from history.”
Biden’s tax proposals are just one aspect of what he characterized as the reforging of Government involvement in American’s lives. The faults Kudlow notes in Biden’s stars when it comes to the economy points to the fact Democrats wish to reshape the free-market system as we know it, from Washington on out.
“I fear that is apocryphal,” Kudlow said about Biden’s speech. “That he believes that government should run everything, should control energy, automobiles, healthcare, finance, you name it. I believe, unfortunately, he and his crew, believe that stuff. But I just want to say, I was offended by that.”
Kudlow framed Biden and Democrats as working “outside of the boundaries of the American idea and the American tradition,” one that sought to punish success, and in the name of ideology based on a rich verse poor class struggle, fueled by partisan government oversight, fundamentally erodes the opportunities of the Americans that Democrats say they speak for.
Listen to the interview below