Every American Will Shoulder Burden of President Biden’s Recovery-Killing Tax Grab

Posted on Friday, March 26, 2021
|
by Outside Contributor
|
Print
tax

Appearing during a Ways and Means Republican meeting on President Biden’s Recovery-Killing Tax Grab, American Action Forum’s Douglas Holtz-Eakin provided a breakdown of President Biden’s harmful tax policies. Here are quick takeaways from his remarks, which you can watch here.

Assuming the strongest possible economic growth for infrastructure, President Biden’s plan is STILL a recipe for stagnation and decline. If Democrats get their way:

This is based on a forthcoming study previewed by Holtz-Eakin using President Biden’s assumptions at face value, including raising $3.3 trillion in taxes, spending $3.3 trillion on infrastructure and R&D, and assuming the best, meaning the highest impacts, of R&D and infrastructure and productivity. The study was done based on the same model as how the Joint Committee on Taxation would analyze the macroeconomic impacts of a tax bill, with the infrastructure pieces taken directly from the Congressional Budget Office.

Democrats’ tax increases won’t be restricted to the rich. Biden tax proposals will:

Biden’s tax policy is the opposite of the tax reform begun in 2017. This is going to be damaging tax policy. 

The people who ultimately lose are working Americans who will find even working full time, they make less. 

There is no evidence for Democrats’ claims that tax hikes will pay for themselves.

Democrats’ have already lost credibility on being fiscally responsible given their recently passed $1.9 trillion bill.

To watch Mr. Holtz-Eakin’s remarks, click here.

URL : https://amac.us/newsline/society/every-american-will-shoulder-burden-of-president-bidens-recovery-killing-tax-grab/