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Biden will raise taxes, ‘crater’ stock market and economy: Kudlow

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Larry Kudlow: Economy isn’t solely reliant on stimulus package White House economic adviser Larry Kudlow said on Wednesday that electing former Vice President Joe Biden will result in higher taxes and “crater” the stock market.

“Biden is backing over $3 trillion in … tax hikes. That’s crazy. You are coming out of a pandemic, a contraction of historic dimensions, and he wants to raise taxes,” Kudlow told “Varney & Co.” “They will decimate energy, which will completely crater the economy and the stock market.”

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The policies Biden intends to enact, including raising taxes on individuals making more than $400,000 a year, would collect roughly $3.2 trillion over the next 10 years, according to an analysis by the Tax Foundation .

“The issue here is the significant left turn in Democratic policies,” Kudlow said. “President Trump’s tax cuts and deregulation and fair trade and energy revival gave us a splendid, fast-growing economy for three years and two months before the pandemic. Why do you want to unwind that?” In this July 28, 2020, file photo, Democratic presidential candidate former Vice President Joe Biden speaks at a campaign event at […]

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