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Drudge Retort: The Other Side of the News
Wednesday, October 14, 2020

The American Enterprise Institute, a right-of-center think tank, has published a study of Biden's tax plan. Biden is not going to quadruple anybody's taxes, but he will increase the tax burden on the very rich. The richest 5 percent of taxpayers would bear almost the entire burden of Biden's plan, which would raise $2.8 trillion over the next decade, mostly by taxing people who own businesses directly, or through stock. But is Biden's plan to soak the rich going to hurt the economy? Not really. AEI finds that it would reduce Gross Domestic Product by 0.16 percent over the next decade, a trivial amount. Since those tax cuts will finance social investments " at least some of which will yield positive returns " it may well increase economic growth, while spreading the proceeds more equitably.

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Too bad Trump's advertising doesn't reflect the truth, they have a small business man claiming the tax hikes will change our way of life. Totally dishonest.

#1 | Posted by danni at 2020-10-14 10:24 AM | Reply

But but but Eric said that 82% of Americans will be hurt.

#2 | Posted by Nixon at 2020-10-14 12:42 PM | Reply

Oh noes...if we tax the top 5% more how will the afford the necessities in life like another mansion, yacht or NFL franchise?

#3 | Posted by Nixon at 2020-10-14 12:43 PM | Reply

Good, it's time to soak the ultra wealthy in taxes. They've had a free ride for far too long.

#4 | Posted by a_monson at 2020-10-14 05:53 PM | Reply

It will be interesting to see if the targeted taxpayers are able to avoid paying them.

#5 | Posted by madbomber at 2020-10-17 06:25 AM | Reply

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Drudge Retort