Election 2020

The Election Should Be a Referendum on Biden's $4 Trillion Tax Plan

AP Photo/Charlie Neibergall

The vote for president is a very personal matter with many intangibles going into the decision on which candidate to support. And there’s nothing more personal than one’s personal finances.  So why isn’t the election a choice between the candidate who will take money out of your pocket and the guy who won’t?

Joe Biden wants to raise $4 trillion in taxes. Only a left-wing simpleton believes all of that money will be coming from “the rich.” That money will come from wherever Biden can get it and since the rich wouldn’t be rich very long if they didn’t stay one step ahead of the taxman, Biden will be looking to get the cash to fund his pet schemes from you.

Time and time again in nations around the world, it has been proved that jacking up taxes on the rich ends badly for the government. France’s 75 percent “supertax” on the rich resulted in lower government revenue “through hindered economic growth and capital flight” according to Forbes.

So Biden is going to have to reach into your pocket to realize his dreams of a “just” America. People currently in the middle class will slip into poverty, where all those goodies that Biden is planning to bestow won’t mean much. Biden isn’t just planning a massive transfer of wealth, he’s planning on the destruction of the middle class, finishing a job started in the 1980s when de-industrialization began.

But don’t worry. Biden will “retrain” you to work in all those new jobs created in the solar, wind, geothermal, and perpetual-motion energy industries when the U.S goes really, really green.

But the American voter isn’t thinking about taxes.

Washington Times:

“The kind of tax increases Biden envisions would throw a big wet blanket on the great American comeback President Trump is leading, and is just one of the many reasons voters overwhelmingly trust the president to rebuild our economy a second time,” Ms. McDaniel said in a recent op-ed.

Roughly 100 days from the election, taxes barely register as an issue, coming in at 1% on the list of likely voters’ most pressing concerns, according to a Fox News poll released last week that found the most important issues are the coronavirus, 29%, the economy and jobs, 15%, and race relations, 10%.

The dynamic could pose a challenge for the president, who also has been facing backlash from anti-Trump Republicans willing to toss aside traditional GOP tax-cutting orthodoxy because — in the words of Tim Miller, political director of Republicans Voters against Trump — the president is “an incompetent bigot.”

Former Ohio Governor John Kasich ran for president four years ago carrying around a “debt clock” because he was so concerned about the national debt.

This year, he’s reportedly a featured speaker at the Democratic convention in August. The world is losing its mind and that goes double for Republicans who, for the first time in living memory, don’t care about the tax burden that will be borne by Americans when radical liberals get their hands on the levers of power.

“While Biden’s plan was branded as moderate compared to Bernie Sanders or Elizabeth Warren in the primary, it is still very much a progressive plan that would increase taxes, primarily on higher earners, but we also found that the plan would reduce after-tax income for everyone across the income spectrum,” Mr. Watson said.

Under the Biden tax plan, the federal government would dig deeper into the pockets of wealthy Americans and corporations, rolling back parts of the Trump tax cuts on households making $400,000 or more and raising the corporate tax rate to 28% from 21%.

It would be one thing if Biden were to use the new revenue to cut into our massive deficit, but he won’t.

Mr. Pomerleau said the Biden proposal doesn’t appear to address the deficit or debt.

“If you were to take all of that revenue and apply it to the deficit… the government would still need to cut spending pretty drastically in the future to balance the budget and stabilize the debt,” he said. “So from a fiscal policy standpoint, Biden is not really focused on that.”

Taxes are a boring subject and in the coronavirus and “Woke America” age taxes become a footnote to the campaign. That’s a shame because taxes are power. And increasing government power inevitably leads to less individual freedom.

If that’s what you want, Biden’s your choice.