Joe Biden Hate: Planning First Major Tax Hike in Almost 30 Years

Joe Biden is showing his hate the rich, hate the productive, hate the capitalists streak.

He is reportedly planning the first major hike in federal taxes in almost 30 years, according to Bloomberg.

The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making over $400,000; expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital-gains tax rate for individuals making at least $1 million.

An analysis of the Biden campaign's tax plan conducted by the Tax Policy Center found that it would take around $2.1 trillion over 10 years from what amounts to the most productive members of an economy.

In a recent podcast, "Why the Wealth Tax is a Horrific Idea," I discuss the problems with taxing the productive rich and how it results in the lowering of the general standard of living.

The podcast version is here or on your favorite podcast platform.

-RW