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Biden’s tax plan is an act of supreme economic masochism that would erase 40 years of pro-growth progress

Given that we seem to be living in a surreal era where up is down, right is wrong, good is evil, and 2 + 2 = 5, we guess it is appropriate that Joe Biden has named his just-released scheme to raise taxes by nearly $4 trillion the “Buy America Plan.”

No tax agenda in modern history would do more to chase jobs and investment out of the United States than this “sock it to the rich” sophistry.

BIDEN PLEDGES TO ROLL BACK TRUMP’S $2 TRILLION TAX CUTS

It reverses virtually every tax cut under the Trump law, which gave us the lowest unemployment rate and highest income gains in 30 years, a surge in wealth and stock values, and attracted nearly $1 trillion of foreign capital to the United States.

Biden’s plan erases 40 years of pro-growth progress in reducing tax rates. Instead, he raises tax rates on work, investment, small businesses, energy producers, and corporations back to the levels that prevailed in the United States in the 1970s.

It is the antithesis of tax reform because instead of lowering rates and eliminating tax loopholes, it raises tax rates to above 50 percent while carving out massive new tax loopholes (for […]

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