Start with the alleged moderate in the top-tier of the Democratic field, former Vice President Joe Biden. Biden is calling for a significant expansion of the welfare state, and higher taxes to pay for stuff like his ill-defined clean-energy initiatives, infrastructure expansion and much more.
Individual rates will go up for those making more than $500,000 a year, and he has spoken about the need to raise corporate taxes. And, yes, Biden wants to increase capital gains taxes — all stuff that will reduce job creation (many small businesses file as individuals) and investment, two of the hallmarks of the Trump recovery.
Even worse, Biden has spoken in the past about implementing a middle-class tax hike, by lifting the cap on the Social Security portion of payroll tax that could include all wages above the current cap of $132,900.
All of which means the average American will be taking it on the chin even if the “moderate” Joe Biden finds his way into the White House.
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