Biden: ‘No New Taxes’ For Anyone Making Under $400K

Let the class welfare begin! Joe Biden is pledging to raise taxes on anyone making over $400,000. Those evil rich people will pay!

From The Hill:

Democratic presidential nominee Joe Biden said in an interview aired Sunday he will not raise taxes for Americans making less than $400,000.

The Democrat, in a joint interview aired on ABC News with his running mate Sen. Kamala Harris (D-Calif.), said everybody should pay “their fair share.”

“I will raise taxes for anybody making over $400,000,” Biden told ABC’s David Muir.

Biden added that “no new taxes” would be raised for anyone making under $400,000.

This “fair share” argument drives me CRAZY! The rich already pay a huge chunk of all the income tax collected. The rich are the job creators.

In 2016, according to the Tax Foundation, the top 1 percent accounted for 37.3 percent of all income-tax revenue, a share that was greater than the bottom 90 percent of all payers of income tax combined. The top half of taxpayers paid 97 percent of income taxes.

The Tax Foundation has quickly pounced on Biden’s tax plan and how bad it would be for job and economic growth.

Joe Biden’s tax vision is twofold: higher taxes on high-income earners and businesses paired with targeted tax incentives.

We estimate Biden's plan would raise $3.8T, reduce GDP by 1.51%, and result in 585K fewer FTE jobs.

Get the details: https://t.co/NfOmrhkdlx @GS_Watson pic.twitter.com/OfcdYp5ys3

— Tax Foundation (@TaxFoundation) August 21, 2020

ABC’s David Muir asked Biden whether or not it was wise to increase taxes on businesses in these tough economic times.

Muir also pressed Biden on if it is “smart to tax business” while the U.S. is recovering from the economic fallout of the coronavirus pandemic.

“It’s smart to tax businesses that are in fact making excessive amounts of money and paying no taxes,” Biden told Muir.

“It’s how we did it last time,” he said, in reference to the 2008 recession that he as vice president under former President Obama led the economic recovery of.

…

Pressed on whether taxes will be raised on small businesses, Biden said “no.”

He said taxes will not be raised on the “90 percent of the business that are mom and pop businesses that employ less than 50 people.”

Who is he kidding? The “recovery” under Obama was slow and anemic. And who is Joe Biden to say what is an “excessive” amount of money to make? I think Biden owning more than one home is excessive. Maybe the government should confiscate the home and give it to a poor person without a home. No one needs more than one home. Come on man!

Most people do not make more than $400,000 so it is very enticing to agree and support a tax increase for these folks. Hopefully though, the American people are smart enough to see that it would have a negative effect on the overall economy and, eventually, their own pocketbooks.

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