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No country has ever taxed its way to prosperity. Ever. Yet President Biden and congressional Democrats are hell bent on pushing through catastrophic tax increases. This episode of What’s Ahead examines what the ugly results would be.
In his infrastructure speech the President outlined some of the business tax boosts that he wants. If enacted, these would give the U.S. the highest corporate tax in the world, including China.
These and other Biden tax ideas would do real damage to small businesses, which were hard hit by the pandemic and are just starting to recover. Others would damage stocks, increase the cost of gasoline and heating oil and pole-axe family farms.
In the midst of this storm of heavier exactions Democrats are toying with one tax change that would benefit wealthy people, especially in New York and California!
Go figure.
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,
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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.
Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.
Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).
Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.
In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.
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