Tax Expert Warns of Economic Devastation With Biden Tax Hikes
by Patrick Hedger
President Biden delivered his first joint address to Congress on Wednesday, outlining his vision for the country and speaking to what he sees as his administration’s initial accomplishments as he approaches 100 days in office. While he focused on an array of issues,
President Biden set forth a number of costly provisions that will cost trillions of dollars and are accompanied by a series of tax hikes that would devastate the economy.
As President Biden acknowledged in his address, job numbers are beginning to rise and the economy is rebounding. That is precisely why his litany of trillion dollar proposals – along with a laundry list of tax hikes – is a dreadful idea for the American economy.
The bank would be funded by tax dollars, with an overall cost of $100 billion. Upon its creation, the bank would receive $50 billion in public funding. Subsequently, an additional $10 billion would be provided annually for a five-year period.
“The costs of doing nothing about climate change are real and staggering,” Mr. Van Hollen said. “But rather than focusing solely on the costs of inaction, we should focus on opportunities for action.”
According to the legislation, the bank would make direct investments in projects “that reduce carbon emissions, support workers and communities negatively impacted by the climate transition.” It would further require that at least 40% of all loans go to low-income and minority communities.
Democrats push national climate bank to fund green-energy projects with U S tax dollars washingtontimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtontimes.com Daily Mail and Mail on Sunday newspapers.
President Biden has remained noncommittal about a carbon tax although Democratic lawmakers are pushing the idea as a way to pay for some of the $2.25 trillion of the administration's proposed infrastructure and green energy spending.
Democrats push Biden to adopt carbon tax to help pay for infrastructure spending washingtontimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtontimes.com Daily Mail and Mail on Sunday newspapers.