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The Biden Tax Plan will Ruin the American Economy

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.

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. We’ve added over $5 trillion to the debt, bringing it up to $25 trillion and making the fiscal hole far, far deeper.

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. That will chill productivity, stifle job growth, and, in the process wreck the economy. Thanks, Joe!

“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

After pointing that out, Gregg describes some of the particularly notable and terrible provisions of the Biden tax plan. It will raise taxes on the 1% substantially, deeply affect every working person’s bottom line, limit investment, and generally chill the economy.

biden tax plan

Finally, Gregg describes even more reasons. why the Biden tax plan would be so horrible for America:

“It will limit the availability of capital to those who are willing to take risks, especially in the technology and health arenas…

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

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 will 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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