Apr 5, 2021

Veronique De Rugy on Joe Biden's promise to raise taxes only on those earning over $400,000

Either the administration still isn't fully clear on where it stands, or some taxpayers may be in for a big surprise—or both. 

Either way, the sad truth is that with this president's insane propensity for unconstrained government spending, he shouldn't make such a promise in the first place.  He has already added $1.9 trillion to the enormously inflated federal credit card and is planning on throwing another almost $4 trillion on it in what he deems infrastructure spending.  If he sticks to his campaign promises, Biden plans to splurge $11 trillion in additional spending over a decade.  Meanwhile, his proposed tax hikes are estimated to reap $2.1 to $2.8 trillion. In other words, for every $5 or $6 in new spending, $1 will be paid for in new taxes, and the rest goes on the nation's credit card. 

I know that's what politicians do, but that's still not right.  If he wants to raise spending to that level, everyone should pay some price for this growth in government, not simply those earning more than $400,000.

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