Who will pay for a mega-spending Biden administration?
Over the last month, Democratic presidential nominee Joe Biden has proposed roughly $4 trillion in new tax hikes. That is meant to the cover, at least partially, the $7 trillion in spending increases he’ll impose if he wins the White House. As part of his tax hike plan, Biden promises his tax increases won’t hit any American who earns under $400,000. But they will. Even the Washington Post analysis of Biden’s tax plan concedes that his tax plan will impact 82 percent of American earners if enacted as proposed.The reason it will hit so many Americans is because of the change he proposes to corporate taxes. There is broad consensus among tax experts that such an increase will lead to corporations ‘reducing investment returns and cutting working wages’.