Biden's tax hike ideas will hurt every American, expert warns
‘Colossal lie’ that only rich will be taxed, Macro Trends Advisors founding partner Mitch Roschelle says
Macro Trends Advisors founding partner Mitch Roschelle joined FOX Business’ "Mornings with Maria" to discuss the impact of the Biden administration’s tax hike ideas arguing that it's a "colossal lie" that they are only taxing the rich.
BIDEN OFFICIALS INCREASED TAX PROPOSAL BY $2T AMID CONCERNS ABOUT COST OF INFRASTRUCTURE PACKAGE: REPORT
MITCH ROSCHELLE: It's a colossal lie to say that we're only taxing the rich. The fact of the matter is the rich do in fact pay the bulk of the taxes in America. But if we raise corporate taxes, we raise payroll taxes, we take away the benefit put forward by the Trump administration for small businesses on pass-through entities. All of these are going to trickle down to workers. It's going to trickle through the entire economy and stall whatever economic growth we have on the horizon. So the fact of the matter is, when you say that you're just taxing the rich, you're actually taking away prosperity and you're taking away job creation, which has the impact of hurting basically every taxpayer.
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Let’s look at what they're talking about right now, the basis step-up, and let's look at the historical perspective of why it even exists. You have folks who own farms in their family for generations, and if the owner of the farm dies, now all of a sudden the heirs have to sell the farm -- the thing that gives income and wealth to the family -- just to pay the tax bill. So the basis step-up, which they're looking at eliminating is the thing that really has preserved wealth in families for generations. Now the government wants to take it away.
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Even if we tax the top 5% of taxpayers in America who currently pay $900 billion of taxes and we increase their taxes considerably, it's still not enough to pay for a $3 trillion infrastructure plan. So we can't tax our way to spend $3 trillion on infrastructure and whatever else will be in that measure.
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