By the numbers, the $3.5 trillion Biden budget is dizzying. If that weren't staggering enough, the president's budget places a nearly $70 trillion burden on the shoulders of American taxpayers over the next decade. Nearly $5.5 trillion would be diverted from the private sector to new government spending over the next 10 years, according to one analysis, the economy could mean a $3 trillion loss in economic output over the next decade, during which time workers' paychecks would drop $1.6 trillion.
As if coping with lost earnings weren't enough, Americans would be clobbered by titanic tax increases, more than $3.6 trillion over the next decade, by the White House's own admission. Not even retirees would be spared. In reducing the capital stock and depressing rates of return on investments, Biden's budget plan would punch a $1 trillion-plus hole in financial wealth, draining tens of millions of current and future retirees' nest eggs. The Biden administration also seems oblivious to the fact that punishing job creators, also punishes job seekers.
Ratcheting up corporate tax rates from 21 percent to 28 percent would hike taxes by $858 billion. Even an overwhelming 76 percent of Democrats acknowledge that raising corporate tax rates will lead to higher prices for consumers, according to a new poll. The Biden plan would take an additional $534 billion bite out of American companies by increasing the global minimum tax and would increase the double taxation of investment for an additional $322 billion grab, thus subjecting American investors to the highest capital gains tax rate in the developed world. The family saving for college by investing in these companies, and the retirees who have prudently bought stocks over the years, are the ones who would be hurt.
Source: David Mcintosh | Newsweek
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