Post by Portiaami on May 23, 2020 2:03:49 GMT
Don’t fall for Biden’s misdirections about not hiking your taxes
By Brad Polumbo
www.washingtonexaminer.com/opinion/dont-fall-for-bidens-misdirections-about-not-hiking-your-taxes
Former Vice President Joe Biden has repeatedly promised to raise your taxes directly or indirectly. But now, the presumptive Democratic presidential nominee is trying to spin his record to suggest otherwise.
During a Friday morning interview on CNBC’s Squawk Box, host Andrew Ross Sorkin pressed Biden on his support for raising taxes. “Nobody making under 400,000 bucks will have their taxes raised,” the candidate quickly responded. “Period. Bingo.”
If it sounds too good to be true that a candidate is promising more than $6 trillion in new government spending (for everything from climate change to infrastructure to healthcare) without raising taxes, well, that’s because it is. Unless this new promise from Biden is the precursor to him walking back much of his previous stances and policy proposals, it’s simply a misleading misdirection.
For one thing, there’s a minimum $2.2 trillion gap between the tax hikes Biden has proposed and the $6 trillion-plus in spending he has promised. It is true that Biden's official campaign plan nominally includes no tax hikes on individuals earning under $400,000. But assuming that a President Biden would make up the $2.2 trillion budgetary difference with deficit financing, then he is indeed going to be taxing ordinary people — just deferring it to future generations as a constraint on their financial livelihoods.
This was also before the coronavirus crisis hit, which has prompted Biden to court the far Left of the party more aggressively and to shift to promises of a sweeping FDR-style agenda, which would require trillions more in spending.
Continued ...
By Brad Polumbo
www.washingtonexaminer.com/opinion/dont-fall-for-bidens-misdirections-about-not-hiking-your-taxes
Former Vice President Joe Biden has repeatedly promised to raise your taxes directly or indirectly. But now, the presumptive Democratic presidential nominee is trying to spin his record to suggest otherwise.
During a Friday morning interview on CNBC’s Squawk Box, host Andrew Ross Sorkin pressed Biden on his support for raising taxes. “Nobody making under 400,000 bucks will have their taxes raised,” the candidate quickly responded. “Period. Bingo.”
If it sounds too good to be true that a candidate is promising more than $6 trillion in new government spending (for everything from climate change to infrastructure to healthcare) without raising taxes, well, that’s because it is. Unless this new promise from Biden is the precursor to him walking back much of his previous stances and policy proposals, it’s simply a misleading misdirection.
For one thing, there’s a minimum $2.2 trillion gap between the tax hikes Biden has proposed and the $6 trillion-plus in spending he has promised. It is true that Biden's official campaign plan nominally includes no tax hikes on individuals earning under $400,000. But assuming that a President Biden would make up the $2.2 trillion budgetary difference with deficit financing, then he is indeed going to be taxing ordinary people — just deferring it to future generations as a constraint on their financial livelihoods.
This was also before the coronavirus crisis hit, which has prompted Biden to court the far Left of the party more aggressively and to shift to promises of a sweeping FDR-style agenda, which would require trillions more in spending.
Continued ...
