FoxNews.com reports that
Former Vice President Joe Biden defended his plan to repeal President Trump’s tax cuts on the wealthy and said it’s “absolutely” appropriate to raise taxes during a struggling economy.
During an ABC town hall Thursday night, Biden said about $1.3 trillion of Trump’s $2 trillion tax cuts went to the top one percent of earners and he only wants to repeal the tax breaks for the wealthiest of Americans.
“That’s what I’m talking about eliminating, not all the tax cuts that are out there,” Biden said.
ABC’s George Stephanopoulos asked Biden if it was “wise” to raise taxes when the economy is weak right now amid the coronavirus pandemic.
“Absolutely,” Biden said and then went on to cite a Moody’s analysis of his tax plan saying it creates jobs and boosts the GDP.
Biden has said he doesn’t want to raise taxes on Americans making under $400,000.
Trump’s Economic Policy in his first term has reminded me of another president who was determined to MAKE AMERICA GREAT AGAIN.
The prosperous years during the Reagan Presidency marked a period of economic progress for Middle Class Americans. Middle Class Income increased 11 percent after adjustment for inflation, while nearly 20 million new jobs were created.
Those Liberal critics of the 1980s, who now argue that the Middle Class shrank in number during those years, are half-right for the wrong reasons. The proportion of Middle Class Americans did indeed decline, but this reflected an upward movement of households into the high income category. Meanwhile, the proportion of Low Income Households declined, as more became middle class. The income growth during the Reagan Presidency increased the size of the pocketbooks of Americans at all income levels.
During Obama’s time in office, America’s major corporations were hit with punitive measures, including the high corporate tax rates which the President addressed yesterday and Obamacare, which has caused American Employers to “down-size” their employee rolls and to relocate their call centers to countries like India, moves which have affected the rest of our economy.
“Hello. My name is Peggy.”
Supply Side or “Trickle-Down” Economics was simply common sense. As I have written before, Capitalism is the engine that drives America’s economy.
When those who actually hire Americans are attacked by an Administration, naturally, those consequences are felt by those in lower economic strata (that’s you and me, boys and girls).
Obama’s “Trickle-Up” Economic Policy was destined from the start to be the miserable failure that it turned out to be.
Because, as Lady Margaret Thatcher once said,
The problem with Socialism is that eventually you run out of other people’s money.
President Trump wants Americans to prosper and make (and keep) our own money.
Logic dictates that if the companies in which we are employed are allowed to prosper, their employees will prosper, too.
Plus, those companies will expand and due to that expansion, they will be hiring new employees.
Continuing to give corporations incentives like tax cuts to move their businesses back “home”, along with attracting foreign-based countries to take advantage of Trump’s lower Corporate Tax Rates, will continue to result in more jobs being available for Americans, which in turn will lead to increased participation in and the continued growth of America’s Work Force, resulting in a vibrant economy and a more prosperous America.
And, to quote Peter Noone (Herman’s Hermits),
Now, ain’t that just a little bit better?
And, most importantly, I don’t know about you, boys and girls, but I never have received a job from a poor man.
P.S. If you believe that a Democrat President would only tax the rich, I have two bridges over the Mississippi River at Memphis to sell you.
Until He Comes,