Expert: Biden's tax hike 'would destroy economy'

Wednesday, March 17, 2021
 | 
Chris Woodward (OneNewsNow.com)

tax increasePresident Joe Biden is reportedly planning the first major tax hike in nearly three decades – a proposal one expert says couldn't come at a worse time.

According to Bloomberg, under consideration are: increasing the corporate tax rate from 21% to 28%; expanding the estate tax; boosting the capital-gains tax rate; and increasing the income tax rate on individuals earning more than $400,000/year. Analysis indicates it would raise $2.1 trillion over ten years – and it's viewed as an opportunity for the administration to fund key initiatives like infrastructure, climate change, and what Democrats contend are "inequities" in the tax system itself.

"The president is looking for a way to pay for his infrastructure plan that is going to be released probably in the next couple of months, and he wants to raise taxes on corporations [and] individuals, and he wants to raise estate taxes," explains David Williams, president of Taxpayers Protection Alliance.

Williams

"The timing of this is horrendous," he states bluntly. "Not that any time is a good time to raise taxes, but less than a month before Tax Day, to talk about increasing taxes really is a punch to the gut of the American taxpayer."

Right now, says Williams, people are trying to get out of this pandemic. "People are trying to recover from this pandemic fiscally – and to hear about a tax increase is disheartening and would further exacerbate the problems with the pandemic," he continues. "Any tax increase at this point would destroy the economy."

Even so, the White House appears to be dead set on a new infrastructure plan.

"America needs to build new infrastructure across urban and rural areas and create millions of good paying jobs," White House press secretary Jen Psaki recently told reporters.

One News Now asked Williams how infrastructure can be paid for without raising taxes.

"We pay for these through economic growth and encouraging people to expand businesses, getting people back to work, [and] bringing business back into this country," he answers. "We don't pay for this with higher taxes because higher taxes will mean fewer jobs and fewer opportunities.

"If the administration really wants to pay for this, what they should do is lower taxes and incentivize businesses and people to grow their business and to have more economic activity."

President Donald Trump also proposed expensive infrastructure plans, but Biden's comes on the heels of his $1.9 trillion "COVID relief" bill.

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