The Biden tax programs can’t pay off the huge debt the administration is incurring. Corporate investment will suffer, as will workers’ income. The Biden administration’s American Jobs Plan (AJP) introduces multiple important changes to the US tax code. The changes will negatively impact American business both here and abroad.
The progressive administration is justifying its tax increases on the claim that the rich are not paying their fair share, a four-Pinocchio falsehood.
The first principle of good tax policy is to not take from citizens more than needed by government for essential functions. The second principle is to minimize economic harm. Both principles are being violated by the administration in ways never seen before in US history. The $1.9 trillion American Rescue Plan Act (ARPA) was rushed through Congress by Democrats to conquer a pandemic already receding. It consisted mainly of monetary payoffs to favored constituencies, not money for essential government functions.
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