June 29, 2022

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Biden Wants to Be No. 1—in Taxes

1 min read

Democrats say they’re going to make one more major effort to pass President Biden’s Build Back Better plan, despite soaring inflation and the end of the Covid emergency. The mooted deal seems to involve a giant tax increase, half-a-trillion dollars in green-energy subsidies, and perhaps more social spending.

This is a bad idea with especially bad timing given economic uncertainty as interest rates rise. And look no further than Mr. Biden’s recent budget to see why. He is proposing $2.5 trillion in new taxes that would give the U.S. the highest or near-highest tax rates in the developed world.

2022-04-06 18:32:00

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