To be fair, when The Washington Post’s token conservative Jen Rubin suggested Biden’s spending plans — which some estimates suggest could cost around $6 trillion — might right the economy enough that his $1.5 trillion in tax hikes might become unnecessary, she was likely just trolling conservatives.
Sadly for us all, it was a failed attempt at owning the cons because her little joke is a huge false equivalency.
Biden’s plan to raise the top marginal tax rate to where it was before the the Trump era tax cuts will do little more than force those top earners, who do create a large number of jobs, to reduce investment and offset the cost of higher taxes by raising the price of their goods — meaning everyone pays more. So those tax hikes are hikes for all, not only those making $400,000 a year. This is from a piece published in 2013 as the tech giants were just beginning to branch out into other industries and it holds true today. Because it’s basic economics.
There are once again no companies and jobs without investment first, so when governments tax income and capital gains on investment at all, they’re logically reducing the amount of capital available for entrepreneurs to access…More to the point, the wealth that the rich don’t consume must go somewhere. Jeff Bezos has notably invested some of his disposable income not taxed away by the federal government into the Uber car service. Considering the ‘unseen’ yet again, we must ask how many life-enhancing services never saw the light of day thanks once again to government presuming for itself so much our capital through its taxing and borrowing powers.
It’s called inflation and Rubin likely knows that. At least she certainly should. Cutting taxes for job creators, however, very recently led to an economic boom that was going nowhere but up until the pandemic hit. Rubin likely knows that, too.
So, haha, Ms. Rubin. Good joke. It’s asinine, of course, because you know — as does the rest of America — that Biden plans to do exactly as he said: spend like a teenager with his parents’ credit card while also raising taxes like an authoritarian radical intent on pushing a fantasy of wealth redistribution.
But enjoy your clicks.
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