LARRY KUDLOW: Today, the tax man cometh. President Biden gave a speech today on his new infrastructure tax hike. Treasury secretary Janet Yellen formally unveiled the administration’s tax hikes plans on a media conference call. Commerce Secretary Gina Raimondo, who actually has a private-sector financial background, she tried to persuade folks there’s room for compromise. And the President himself swears he will talk to Republicans.
Also today Treasury Secretary Janet Yellen published an op-ed piece in the Wall Street Journal…let me just say at the outset. With all the phony-baloney smoke blowing from various politicians in Washington, my way of thinking is real simple: a $1.3 trillion corporate tax hike is a $1.3 trillion corporate tax hike. In other words, your taxes are going up. Big time. And there’s much more coming when the Biden’s get to the individual tax code, and capital gains, and small business. Get ready for that.
But let me make this very simple…do you believe a $1.3 trillion tax hike will grow the economy faster or slower? I think anybody with common sense would instinctively think that a gargantuan tax hike is bad for the economy.