President Joe Biden’s tax bumps could be detrimental, not helpful, to the US economy.
When President Joe Biden claims that business taxes will “pay” for his many proposed programs, he demonstrates that he and his White House team have lost the economic thread.
Those taxes would impose huge disincentives on the very elements of the economy that Biden needs to “build back better,” as his slogan has it. Only American business can make the technological advances, create the jobs and deliver the prosperity the president wants — but Biden’s plans would impede its ability to do this.
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Adapted from City Journal.
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