The Coming Biden Tax Hike

President Biden wants tax increases on successful businesses that have been powering the economy.

Jacquelyn Martin, pool
President Biden delivers the State of the Union address on February 7, 2023. Jacquelyn Martin, pool

Americans are accustomed to a prosperous, confident, and happy state of the union. These, though, are not normal times. Under President Biden, the American condition looks to be unhappy, somewhat demoralized, and even fearful.

A recent poll shows 43 percent believe Biden policies have actually hurt them. The same poll shows that the lives of working class blacks, latinos, whites, women, and other groups were better off under President Trump than under Mr. Biden.

Mr. Biden has spent $6 trillion of Democratic pork on climate welfare, woke schools, student debt, and other boondoggles, but all that’s done is jack up the inflation rate. Hasn’t made people any happier.

High prices for basic goods like groceries, gasoline, and home mortgages have been killing the middle class. Under Mr. Biden, the workforce has taken a pay cut. From a real weekly wage of $399 when Mr. Biden took office, to a decline of $380 a week most recently. It’s a drop of 4.9 percent.

Under Mr. Trump they had a pay hike of over 9 percent. Illegal immigrant crime is causing fear in the streets, towns and cities across the country. Fear is not the natural state for America.

Now, we’re told Mr. Biden wants to raise taxes on successful companies and entrepreneurs. That’s just more left-wing progressive democratic pap. All it’s going to do is depress the economy and reduce tax revenues. 

Ironically Mr. Trump’s successful tax cuts are probably the biggest source of economic stimulus today, in an economy driven by record after-tax profits which Mr.Biden wants to squelch. How foolish.

And this business about shrinkflation and cookie monsters is all about Bidenflation. That’s all there is to it. Remember, though, liberals hate business even though business creates jobs and high wages.

Meanwhile, countries are bombing each other all over the world right now and America looks like a helpless, powerless bystander.

And finally, Americans are sick and tired of being told what to do or what not to do — what appliances and cars to buy, or what they can’t buy.

That’s what the collectivist government, or big government socialism does to you.

A bunch of overeducated, permanent bureaucrats at Washington, D.C. are trying to dictate how ordinary working folks can live their lives in mainstream America. People are fed up with this. They’re sick of it.

The question is whether Mr. Biden’s going to do anything to change it. Don’t hold your breath on that one. There is a guy down in Mar-a-Lago, Florida, though, who’s just itching for a second bite out of the apple.

From Mr. Kudlow’s broadcast on Fox Business Network.


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