The Biden plan contains eight tax increases and no real spending cuts. He believes that budget deficits are caused by not taxing the people enough.
But the massive deficits and debt we are facing are not caused by not collecting enough taxes but by unchecked spending. The Biden budget increases taxes and spending to record-high levels over the next 10 years, and we would still have massive deficits. Raising taxes now as the economy is slowing down would be a major economic mistake. The largest Biden tax increase would raise the U.S. corporate tax rate to the highest rate in the developed world, taking $1.3 trillion out of the private economy. His plan would increase the combined federal-state tax rate to 32.8%, much higher than China’s rate and 50% higher than the average Organization for Economic Cooperation and Development rate, putting U.S.
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