Kudlow: Biden's tax plan will have 'very negative impact' on middle class
Build Back Better framework would hike top personal income tax rate up to 57.4%
FOX Business host Larry Kudlow joined "Varney & Co.," Tuesday, and provided insight into Biden’s tax plan, arguing that it will have a "very negative impact" on the middle class.
BIDEN'S TAX PLAN WOULD PUSH TOP INDIVIDUAL INCOME RATE TO HIGHEST AMONG DEVELOPED COUNTRIES
LARRY KUDLOW: Anytime you're raising taxes on corporations, and that includes small businesses as well as large business, you're impacting the middle class. I mean, that work has been done for years; CBO, Joint Tax Committee, Tax Foundation, Kevin Hassett, we did it during the Trump campaign. Seventy percent of business taxes are borne by the blue-collar middle class, and you'll see it in lower real wages, lower employment, and lower family incomes. They are the ones that pay the taxes. Corporations are essentially paper entities. It's people who wind up paying those taxes. This will have a very negative impact…
I want to go back to what Joe Manchin said in his dramatic press conference yesterday. He's saying, ‘go on ahead and vote on the infrastructure bill and then pause to deal with the consequences of this big social spending and taxing bill.’ And he's exactly right. We haven't priced this out. They haven't held regular order hearings with experts from both sides of the aisle. They haven't assessed the inflationary impact of all of this new spending or the negative economic impact. This will lose jobs… lower wages and productivity. We should take a pause and go through regular order… assess this. Right now, the country is against these bills and with good reason.
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