Biden's Unworkable Tax Plan Exposed

October 30. 2020

Biden to Susan Rice: do you think they bought that?

On Sunday, October 25, 2020, the television news program "60 Minutes" slammed the proposed 62% tax rate plan of presidential candidate Joe Biden. It confirms what I had stated 4-days prior on this site regarding Biden's proposed tax plan being bad (Presidential Candidate Joe Biden Shocked Many With His Proposed High Tax Rate Of 62%).

During the "60 Minutes" interview Biden stated, "If we just made every corporation pay a minimum of 15% tax and now you want to pay no tax, that raised over $400 billion dollars. I can send every single qualified person to a 4-year college in their state for $150 billion. I can make sure every single person who qualifies community college can go and we’d still have a lot of money left over. That's what I mean by gonna mean by significant institutional changes."

Joe Biden

After Biden spoke, "60 Minutes" journalist Norah O'Donnell stated, "The non-partisan Tax Policy Center and others have questioned whether Joe Biden’s corporate minimum tax plan would raise as much money as he estimates. After our interview Mr. Biden’s staff told us he misspoke and that the cost of free public college could be twice as much as he said."

Biden did not misspeak. His tax plan is bad. Plain and simple. He needs to own it and admit he does not know what he is speaking of in this realm regarding taxes. It came across as something he just made up and ran with at the last moment to place on his platform.

Biden is suffering from dementia due to two aneurysms and strokes he suffered. He has been relying on his running mate, Kamala Harris, a U.S. senator and former Attorney General of California, to help him. The Democrats really should not have rigged the primary. They should have allowed Bernie Sanders to be their nominee and Kamala his running mate.

I offered a better suggestion for a tax plan in the article posted above that would mean a moderate tax hike on those making $100,000 and up per year, as Biden's threshold for the tax increases (those making $400,000 is simply set too high and takes too much from job creators).

Rich people can get pretty creative, albeit illegally so, when you try to take huge sums of their money. Tax avoidance lawyers will discretely enter the picture. The rich will hide their money, pull up stakes and move elsewhere just to keep a higher bank balance. If you clobber them too hard with excessive taxation, they will flee elsewhere and take their money and jobs with them.

Side Bar: in nations such as Britain and Canada there exists a higher tax rate. However, they take care of their citizens with free healthcare, medicines, schooling and housing if needed. Both nations are well maintained. The people are properly cared for by the state, via the proper use of tax dollars.

However, in America the tax rate is lower than Canada and Britain (by roughly 10% on average) but you must pay for healthcare and medicine (which bankrupts 1,000,000 Americans each year), and it's difficult to get free housing if you need it. You do get free schooling up to high school. Americans are not going to accept high taxation rates, as it will be labeled socialism and rejected by many in the nation. Biden knows this, yet is spewing that awful tax plan that will not balance out and produce the results he is promising.

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Presidential Candidate Joe Biden Shocked Many With His Proposed High Tax Rate Of 62%