Somebody just needs to pull the plug on Joe Biden’s mic. The man is clearly out of his depth when it comes to running for President. The Democratic nominee unveiled his glorious tax plan the other day just to have top economists from Stanford University completely destroy the entire plan, believing it to be a doomsday device for the economy.
Revealing his plan like a new showroom car, Biden said it would increase taxes on the rich, reinstate a host of tax regulations, and create new subsidies for healthcare and renewable energy. While that might sound dandy to tax the rich and give to the poor, a tactic the Democrats have used before, Stanford University is claiming the complete opposite. Just watch below.
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So according to top economists, Biden’s proposal would eventually cripple the economy by distorting labor incentives, decreasing productivity, and killing jobs. Even the Wall Street Journal concluded, “The risk from Joe Biden’s policies isn’t that they will send the economy reeling right away. The problem is that they will have a long-term corrosive impact by raising the cost of capital, reducing the incentive to work and invest, and reducing productivity across the economy. Americans will pay the price in a lower standard of living than they otherwise would—and that they deserve.”
The main problem with the Biden tax plan is the increased hikes people, including the poverty line, would face come his election. When there are tax hikes, people lose the incentive to work more which in turn produces less, causing the economy to dip. Famed economist Ludwig Von Mises once said, “Progressive taxation of income and profits means that precisely those parts of the income which people would have saved and invested are taxed away.”
If Biden were to win, that little nest egg or down payment for that new house would fall into the hands of the Democrats as they tax more and more of your hard-earned money. Again, this is why the election is so important. The Democrats want America to be dependent on them while President Trump is given people the chance to make their own fortune.