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Chairman’s Corner

As we navigate the complexities of the financial world, this space will serve as our platform to share insights, discuss trends, and explore the policies shaping our economic landscape.

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Growing the Economy With a Soak the Rich Tax Plan?

  • March 8, 2024

There’s an old saying that Democrats love jobs but hate employers. That theme came shining through last night with Biden’s new tax assault against employers and “big business.”

The Biden plan is to:

1. Raise the corporate tax rate to 28%, higher than Communist China.
2. Impose a global corporate minimum tax of 21%.
3. Nearly double the capital gains tax
4. Quadruple the stock buyback tax (we told you it wouldn’t stay at 1%) which will undermine returns for all investors.
5. Impose a new 25 percent tax on unrealized capital gains on “billionaires,” defined as anyone with a wealth of $100 million, which by our math is less than a billion.

These tax hikes would pay for a massive expansion of welfare spending in the tax code with advanceable “child credit” monthly checks for non-taxpayers, increase the earned income credit, and give a permanent extension of supersized Obamacare subsidies.

For all those who think that Biden’s one hour speech was a vibrant and eloquent one, I believe that what he gave yesterday is the most livid state-of-the-union address in modern memory, a surreal tele prompted rant from a “get off my grass” old man. If the planned Adderall-fueled screaming was to prove he was still alive, most would have preferred his drowsy incoherence.

But mostly the speech was one of abject lies as he either blamed all his disasters on others or claimed they were his greatest achievements.

His furious speech is clearly a preview of the 2024 campaign. The Democratic nominee will run on abortion, January 6, and the ‘booming’ economy, hope leftwing prosecutors can bankrupt or incarcerate Trump, and ensure that in all the swing states 70 percent of the electorate do not vote in person on Election Day.

Share your thoughts….

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