Larry Kudlow warns Biden tax plan would ignite ‘class warfare’
Former Trump economic adviser Larry Kudlow warned that President Biden’s plan to raise taxes on the wealthy would ignite “class warfare” and send companies packing.
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Kudlow, who served as the National Economic Council director for former President Donald Trump, said if Democrats get rid of the filibuster’s 60-vote rule, then they will force their “progressive legislative agenda” through the Senate.
“Most of these initiatives are anti-business. A lot of class warfare against wealthy people,” he told John Catsimatidis on his WABC 770 AM radio show.
Kudlow said Biden for the first time during his press conference last Thursday signaled that the filibuster “adamantly has to change.”
High taxes “are not going to build an economy. You’re not going to be competitive around the world. You’re not going to bring investment home. You’re going to repel investment. Corporations will leave. Inversions will start all over again,” Kudlow said on the show.
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“If we wage war on businesses and wealthy investors, that’s nuts. And that’s part of this class warfare that will do great harm to our economy and to the stock market,” he continued.
In first solo meeting with the press since becoming president, Biden said he would be willing to “deal with the abuse” of the filibuster rather than scuttling it.
“I strongly support moving in that direction,” he said last Thursday.
The president is scheduled to unveil his administration’s $3 trillion infrastructure plan that he touted during his presidential campaign this week that could include the first glimpse at his tax proposals to help pay its tab.
He is reportedly considering increasing the capital gains tax rate for people making more than $1 million a year and hiking the federal income tax rate for households earning $400,000 or more a year.
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The president has also expressed an interest in increasing the corporate tax rate to 28 percent from 21 percent.
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