Posted on 10/06/2020 10:35:39 AM PDT by JV3MRC
You didn’t hear anything about the Tax Foundation decimating the economic credibility of Democratic presidential nominee Joe Biden the day of the first presidential debate. That’s because the Big Three evening news shows ignored it.
The Tax Foundation released its analysis September 29, which revealed that Biden’s tax plan “would reduce GDP by 1.47 percent over the long term,” according to its General Equilibrium Model. But that’s not all. It turns out that everyone, not just the rich, is projected to take a hit in after-tax income by 2030 and hundreds of thousands of full-time equivalent jobs will be lost.
Specifically, “On a conventional basis, the Biden tax plan by 2030 would lead to about 6.5 percent less after-tax income for the top 1 percent of taxpayers and about a 1.7 percent decline in after-tax income for all taxpayers on average.” The news gets even worse when it comes to job creation: “The plan would shrink the capital stock by just over 2.5 percent and reduce the overall wage rate by a little over 1 percent, leading to about 518,000 fewer full-time equivalent jobs.” [Emphasis added.]
Also, “Households across the income spectrum in 2030 would face an increased tax burden on labor from higher corporate income taxes.”
ABC World News Tonight, CBS Evening News and NBC Nightly News censored this September 29 in the evening hours just preceding the 9:00 p.m. debate the same day. This means that Biden was able to pitch his economic plan during the debate without viewers having any context just how awful it would be.
(Excerpt) Read more at newsbusters.org ...
Trump’s team needs to read FR.
No kidding.
The projections of Biden’s tax plan are very kind, where the truth is that, Biden’s taxes and management of the economy, would mean disaster for the whole economy, and if allowed to continue beyond Biden’s first term, the country would be sent into a disaster much greater than what the Chinese virus exacted on the U.S. economy, and recovery would be virtually impossible after the wealth and jobs creation engine of the country had been decimated.
A reported contraction in GDP and 518,000 fewer full-time jobs is being kind? And the admission that everyone will be getting a tax hike by a 2.5 percent average over the long run when Biden is running around telling everybody he just wants to go after the rich? I would hate to think what “being mean” would look like. The whole basis of the election is the pandemic recovery, and this report by the Tax Foundation completely undermines Biden’s credibility on that front. Whether the analysis is severe enough is inconsequential. It’s negative, and that’s big coming from them.
Sorry, I should have been clearer. A 2.5 percent reduction in after-tax income for everyone in the long run is what is projected if Biden’s plans were implemented.
True, as well as The Stupid Party.
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