October 19, 2020

Gen Z Conservative

The thoughts of a young conservative on political issues relevant to all ages

the biden tax plan will destroy america

The Biden Tax Plan will Immediately Ruin America

Introduction

One area of politics that I find fascinating is tax policy. Whereas conservatives, as shown by their support for the Trump tax cuts, know that higher taxes, such as our currently too high taxes, are bad for everyone (other than bureaucrats) and that tax cuts are, on the other hand, good for all, Democrats do not seem to get that at all, as shown by the Biden tax plan, which would be a disaster. That dichotomy is very interesting as I think it shows the opposing psyches of the two parties. But, in this case, it also points to something else- just how horrible a Joe Biden presidency would be for America and our economy.

In my opinion, taxation is theft when taxes are spent on programs other than law and order or national defense. If you agree, order one of these! Buy one here: https://teespring.com/taxation-is-theft-1776

We’ve seen that Biden is not a moderate, at least anymore, but instead a far-left radical. So is his running mate, Kamala Harris. But they’ve managed to go beyond being just radicals. Now, with the release of the Biden tax plan, they are basically running on the platform of using higher taxes to destroy the capitalist America we know and love with a socialist hellhole modeled after Venezuela, but with solar power.

I’m not the only one who sees that. In a recent article for The Hill (a great site for all those that are interested in policy), Judd Gregg, a former governor, discusses the horrible nature of the Biden tax plan. It’s a great article and one that you should read in full after reading this summary and analysis of it.

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Summary of Why the Biden Tax Plan is so Terrible

First, Gregg sets up his discussion of the Biden tax plan by describing the current fiscal state of the union and why we are already in bad shape fiscally due to our ever-rising national debt:

It will be difficult for our nation to dig itself out from the economic mess that the coronavirus has put us into.

By the beginning of next year, when we start up the government with a presidential inauguration, we will have added over $5 trillion of additional debt to the national ledger.

The total federal debt will be closing in on $25 trillion dollars, which amounts to our entire gross domestic product.

The fiscal hole is very deep.

From: The Biden Tax Plan- recipe for recession

Next, Gregg notes how, despite the fact that the national debt is still a major problem for America, Biden plans on spending even more money:

It will not be a good time for the government to push forward a major tax increase that will further chill productivity and job growth.

But a major tax increase is exactly what Joe Biden has put on the menu.

From: The Biden Tax Plan- recipe for recession

Then, Gregg discusses the reason for the Biden tax plan and why he knows it is meant not to revitalize the economy, but rather to please his socialist and radical base:

He is offering his taxing juggernaut for two purposes.

First, his party wants to justify spending dramatically more tax dollars on government programs that support the constituencies that elect them.

Second, the new taxes are aimed at fulfilling the social justice needs of what is now the socialist base of the Democratic Party.

These folks hold a deep antipathy toward those who are financially successful. They, the Democratic Party elites, deem our market-oriented system of economic growth to be inherently unfair.

From: The Biden Tax Plan- recipe for recession




After pointing that out, Gregg describes some of the particularly notable and terrible provisions of the Biden tax plan:

It raises the overall tax burden on the top one percent by approximately another 18 percent.

The Biden plan also raises taxes dramatically on the assets of people when they die.

The death tax is an unusual tax since it has no relationship to economic activity but rather to bad luck, such as getting hit by a truck or contracting cancer. It is a tax that is especially harmful to the survival of family businesses or farms.

The Biden plan raises taxes on corporations, thus taking us backwards in our efforts to be competitive in a world market.

From: The Biden Tax Plan- recipe for recession

Finally, Gregg describes the reason why the Biden tax plan would be so horrible for America:

It is estimated that the Biden tax plan will produce approximately $3.5 trillion of revenue over ten years.

What is not estimated is how much damage it will do to the forces of economic growth and opportunity — or to the majority of Americans who still work in the private sector and who want to better their lives.

It will limit the availability of capital to those who are willing to take risks, especially in the technology and health arenas, which are some of our nation’s most attractive industries.

It will make those who have higher incomes less likely to be incentivized to make additional investment and take risk. What incentive is there, if 60 or 70 cents of the next dollar one earns (depending on where one lives) goes to the government for use in the redistributive politics of social justice?

It will cause the premature sale or liquidation of family businesses and farms that are suffering the trauma of an unexpected loss of the individual who built the business or worked the farm.

From: The Biden Tax Plan- recipe for recession
biden tax plan

My Take on the Biden Tax Plan

As you might guess from my introduction to this article, I think that the Biden tax plan is chock full of horrible ideas and that Gregg is completely right; it would do irreparable damage to the American economy. It would, as is always the case with high taxes, limit investments, constrain economic growth, and prove devastating to Americans that desperately need an economic recovery after the disaster caused by the Chinese flu shutdowns.




Of course, the Democrats do not care about any of that. They are increasingly becoming a Marxist party, so economic growth is not something that they find important, much less something that appeals to them. They want to take your money, not create conditions that help you earn more of it.

Ideas like the Biden tax plan are ideas that would destroy America. They would push us farther into the fiscal hole, push businesses out of America and into nations with taxes more conducive to doing business, and wreck the lives of everyone that just wants to earn an honest living. That is why the Biden tax plan is a horrible plan that would destroy the American economy.

And the thing is, the Biden tax policy that this article is about is not something that was his creation. For one, his mind has probably deteriorated to the point where he could never even dream of coming up with a tax policy. But, more importantly, the Biden tax policy mentioned is the tax policy of the Democratic Party; pretty much every member of it shares his views on taxing wealthy and middle-class Americans into poverty in order to pay for radical wealth redistribution schemes. So, while Biden and Kamala might be radicals and the aforementioned Biden tax policy shows that, so is the rest of their party. It is no longer mainstream; it is socialist-leaning.

Conclusion

Taxation is theft, especially when used to steal from the successful and hard-working members of society and redistribute that wealth to the lazy and non-working members of society. The Biden tax plan is the worst of such thievery. It would take money from those that have spent their lives building up a career, portfolio, or business, and transfer that wealth to those that have never lifted a finger to earn an honest living.




Perhaps worse, it is full of spending plans that would push America off of a fiscal cliff. As you can read about in The Age of Federalism and The History of the United States During the Administrations of Thomas Jefferson, Americans used to care about the national debt. Early politicians had many a fierce battle not about whether or not to pay it back, but how quickly. With Biden in charge, we would just spend more and more and never look back at fiscal responsibility until it was far too late. Those are my takeaways from Gregg’s article, what are yours?

By: Gen Z Conservative

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