Bidenâs Tax Plan Will Be Devastating For Democrats And The Economic Recovery
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This episode of Whatâs Ahead points out how the tax proposals President Biden outlined in his national address will hurt, not help, the economy. If enacted, they will turn into political poison for the Democrats.
A doubling of the capital gains levy will shrink Uncle Samâs revenue, as people will be more inclined to hold on to existing assets rather than sell them and pay so much of the proceeds to the government.
Raising the corporate tax to the highest level among developed nations will mean less money for expansion, which will shrink the economy.
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