Democratic presidential nominee Joe Biden will not be able to afford his "unbelievable dreams of government spending" without raising taxes on the middle class, White House economic adviser Larry Kudlow said Tuesday.
Continue Reading Below
"Who in their right mind would want to raise taxes?" Kudlow said on "America's Newsroom." "Why do you want to pick the pockets of taxpayers in order to support unbelievable dreams of government spending?"
"Roughly 40% of the taxes paid in this country come from [the top 1%]. ... Beware when you hear this idea only the top rich will pay," he continued. "The only way you can make up those taxes is by taxing the middle class."
Biden said Sunday that if he wins the presidency in November's election, he will raise taxes on Americans who earn more than $400,000 a year.
"I will raise taxes for anybody making over $400,000," Biden told ABC's David Muir. "Let me tell you why I'm going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share — corporations should pay a fair share."
The policies Biden intends to enact, including the tax hike on those making more than $400,000 a year, would raise tax revenue by $3.8 trillion over the next 10 years, according to an analysis by the Tax Foundation. The Tax Foundation says Biden's plan would end up collecting roughly $3.2 trillion in actuality "when accounting for macroeconomic feedback effects."
Fox News' Ronn Blitzer contributed to this report.