OPINION: larry_kudlow: Biden wants to punish success by redistributing income and wealth
FOX Business host Larry Kudlow calls out President Biden's economic policies following the release of his new budget on 'Kudlow.'
This past week in particular after hearing from Jay Powell and the Fed and Joe Biden and his $5 trillion tax hike, the market has started plunging again. The Dow is off about 1,500 points and the S&P is down 5%. There you have it, Ted Cruz laying it out. Now, putting aside the actual authors of the Biden budget, you don't have to be a rocket scientist to understand that huge tax increases on corporations, individuals, capital gains – oh, and throw in Medicare tax hikes on wages and incomes and small businesses.
Biden hasn't the faintest idea about the incentive model of economic growth and prosperity. So, if you raise the corporate income tax from 21% to 28%, the biggest harm comes to typical working families who bear the burden. People pay taxes, not corporations and, by the way, we lose our international competitiveness.
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