The tragic-comic figure of Joe Biden presents a lot of paradoxes.
On the one hand, he presents himself as “one of the people”, yet he’s just been caught claiming he “knows more than other people know”, and has implied he has a higher IQ than a curious citizen, and then challenged a citizen to do push-ups.
On the one hand, he depicts his family background as hard-scrabble, but, on the other, it appears that some of his claims to living a tough life as a coal miner’s son were lifted from a speech by UK politician Neal Kinnock.
Then there’s the seeming paradox of Joe claiming he “knows more than other people know” but who also graduated 506th out of 688 students from University of Delaware, and who was accused of plagiarizing large portions of a law review during his first year of law school, eventually being required to take that class over again.
So is it surprising that this guy who has so egotistically fashioned his image as the “High-IQ-Everyman-Moderate” should propose tax increases that not only outstrip those proposed by radical leftist Hillary Clinton during her sad and troubled 2016 run for President, but that his proposal should be more than double what HRC proposed?
Earlier this week, Biden released a proposal to raise a slew of new taxes, mostly on corporations and high earners. He would increase tax rates on capital gains, increase the tax rate for households earning more than $510,000 annually, double the minimum tax rate for multinational corporations, impose a minimum tax on large companies whose tax filings don't show them paying a certain percentage of their earnings, and undo many of the tax cuts included in the 2017 tax law.
All of which are not only more money-grabbing than Hillary’s tax-hike proposals, they reveal Biden’s towering ignorance of economics and his continued pandering to class envy.
Economists and non-economists alike know that taxing those who earn more ends up sucking away the leverageable capital needed to invest in new start-ups, start-ups that would employ more people, increase competition, drive market prices down, and lead to better living standards.
And economists and non-economists also know that hiking business taxes drives them away from the US, hobbling US employment
Instead, Biden would turn to political “investment” of other people’s money, taken upon the threat of imprisonment, and syphoned into the pockets of those who play favorites with… people like Biden.
And a second salient, frightening aspect of Biden’s proposal is that he’s on the “low” side of all the big Dems on the hustings.
Biden's tax hikes would raise about $3.4 trillion over a decade, slightly less than half of the $7 trillion in total tax hikes proposed by Buttigieg. Warren, meanwhile, would raise taxes by at least $26 trillion. Some reports put the figure as high as $30 trillion. Sanders estimates his health care plan alone could cost as much as $40 trillion.
Now, it’s possible that if the Clinton Global Initiative were still galloping, Hillary could have pulled in that amount of cash from politically-connected pals in a few years, but that’s a different matter…
This is about taxation of Americans and the businesses they start, and to recognize that Biden’s tax scheme could be twice as money-hungry as Hillary’s was in 2016, yet his is the LOWEST of the big name Dems out there is to see how radically tax-favoring the Democrats have become.
And how dangerous to economic growth their ideas are.