"Biden’s Tax Plan Will Hold Back the Economy" WaPo

"Most major polls show that Joe Biden has pulled ahead of Donald Trump in the race for the White House. As such, it’s prudent to start considering what his policies may mean for the economy and financial markets, starting with his tax plan. When you get into the details, you realize that although Biden is widely regarded as a centrist Democrat, his proposed plan is anything but. 

For starters, Biden credibly threatens to take a tax code that is already steeply progressive and make it even more progressive, with nearly all of the increased tax burden falling on the top 2% of taxpayers. That’s a problem for a couple of big reasons. For one, it would clearly discourage savings, investment, and business formation, potentially causing lasting economic damage. Plus, it wouldn’t do much to reduce income and wealth inequality.

At the center of Biden’s plan is the taxes on earnings used to fund Social Security. Currently, payroll taxes are only levied on the first $137,700 in income, subject to an annual cost of living increase. The employee and employer each pay 6.2% in Social Security tax; self-employed individuals pay both sides, or 12.4%. Biden proposed applying this tax to an unlimited amount of income above $400,000, leaving a “donut hole” between $137,700 and $400,000, which he expects will gradually narrow over time with inflation. Also, Biden wants to re-raise the top marginal tax rate from 37% to 39.6%."  Washington Post

----------------

I am somewhat surprised that the Washington Post allowed the publication of this column.  The editorial board specifies in an attached statement that this piece does not represent their opinion, but, nevertheless ...  

Biden's Death Spiral economic program has been fed to him by the Sanders-Warren-Squad forces that now dominate the Democratic Party.  He is their prisoner and creature, wanting so desperately to live in the White House that his addled brain does not comprehend that his plans will simply kill the goose that lays the golden eggs.  His pals are deeply hostile to capitalism and the liberties that have accompanied it as the basis of society in America.

Rich people whose business acumen fuels the prosperity that lies at the heart of Americans' aspirations will flee the United States.  They will try to move their wealth abroad before it can be seized by the government of Mr. Biden.

Biden's economic plans and indeed the whole neo-communist direction of a coming Biden Democratic government will kill the cities and beggar most Americans.  The Post seems to have at last understood that.

Why did the Post publish this?  Perhaps Bezos has come to realize that the "more perfect union" phrase in the preamble to the constitution meant more efficient government rather than a marxist dream of utopia.  pl

https://www.washingtonpost.com/business/on-small-business/bidens-tax-plan-will-hold-back-the-economy/2020/07/13/ef8a893a-c501-11ea-a825-8722004e4150_story.html

Comments

[John Credulous]

"wanting so desperately to live in the White House"
FWIW, my guess is that son Hunter or brother Jim are pushing his candidacy. Why: ( more SWAG ) 2013/4 Hillary begins preparing for 2016 campaign with the deal that Biden will not oppose her - traditional role of VP to be next President. The deal eventually included looting Ukraine via reverse flow of USAID funds. If Hillary lost, the Clintons pledged unconditional support for Biden in 2020. Joe is toast, but Hunter insists that the deal be kept.

[John Credulous]

FWIW, the likely cause of Biden bullying, rages and alleged rapes is simple - steroids.

[J]

Bezos publishing probably has more to do with the realization that his wealth and business will go in the toilet if the Marxists are successful in overthrowing the U.S..

[Tosk59]

RE "wanting so desperately to live in the White House" an anecdote. I have been an Examiner for the Malcolm Baldrige National Quality Award; and one year I attended the award ceremony. VP Biden was to present the awards.

After showing up half an hour late, he talked and made remarks before getting to handing out the awards. The subject? 30 minutes of"if I were President..." 'jokes'! I found it totally cringe-worthy, the more so because this was half way through President Obama's *second* term.

[TV]

You're correct.
Biden is all about the White House, AF 1 and "Hail to the Chief."
His puppet masters are all about destroying American history, culture and the economy - "transformation" of America.
Finish what Obama tried to start.
And a likely majority of the voters have NO clue - that's what is truly scary.
Hell, a majority don't have a plan to get to Friday.

[turcopolier]

TV
Yes, he is just a cheap politician. Obama at least had a vision of a globalist future for humanity, well disguised and never admitted to, but there nevertheless. But, Joe is just a ward heeler who wants the perks. I worked for a man for a while who simply wanted to live in the prime minister's house in his country and to have his picture taken wearing the sash of office. That was what he wanted. Joe is like that, but his backers are an unholy conspiracy against America.