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Joe Biden was elected on promises of moderation and “unity,” but he has wasted no time early in his presidency advancing multiple
huge tax hikes. The latest example is the White House’s plan almost to
Economists
warn this hike would hurt the economy and reduce investment in small businesses. But economic downsides from taxation are nothing new. What differentiates Biden’s latest tax push is that it would punish investors
Here’s why: Past a certain point, higher tax
rates don’t necessarily guarantee more total tax revenue because peoples’ behavior changes in response. For example, a 10% income tax will always raise more revenue than a 100% income tax because no one would work if they had to give up their entire paycheck to Uncle Sam.