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Biden's tax-the-rich plan would ultimately cost middle-class earners, analysis says

Added 10-21-20 12:22:02pm EST - “Former Vice President Joseph R. Biden has vowed to raise taxes only on individuals earning more than $400,000 annually, but critics contend that his economic plan would wind up draining the wallets of middle-class families as well.” - Washingtontimes.com

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Posted By TheNewsCommenter: From Washingtontimes.com: “Biden’s tax-the-rich plan would ultimately hit middle-class earners, analysis concludes ”. Below is an excerpt from the article.

Former Vice President Joseph R. Biden has vowed to raise taxes only on individuals earning more than $400,000 annually, but critics contend that his economic plan would wind up draining the wallets of middle-class families as well.

A report from Stanford University’s Hoover Institution found that Mr. Biden’s taxation, insurance, regulatory and energy proposals would, in the long run, reduce full-time equivalent employment by about 3%, or 4.9 million jobs.

The Biden program would also shrink real gross domestic product per capita by 8%, and the capital stock per person by 15%, resulting in a $6,500 hit by 2030 in median income per household.

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“He hits the economy from three directions at the same time. He punishes work, he punishes investment, and he makes us less productive,” said University of Chicago economics professor Casey Mulligan, a former economic adviser to President Trump who co-authored the report released Monday. “And people understand from living through the Obama years that Obama just kind of hit you in a bunch of different ways, and it started to add up in the end.”

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