Tax Expert Warns of Economic Devastation With Biden Tax Hikes

by Patrick Hedger

President Biden delivered his first joint address to Congress on Wednesday, outlining his vision for the country and speaking to what he sees as his administration’s initial accomplishments as he approaches 100 days in office. While he focused on an array of issues, President Biden set forth a number of costly provisions that will cost trillions of dollars and are accompanied by a series of tax hikes that would devastate the economy.

As President Biden acknowledged in his address, job numbers are beginning to rise and the economy is rebounding. That is precisely why his litany of trillion dollar proposals – along with a laundry list of tax hikes – is a dreadful idea for the American economy.

• President Biden read off a laundry list of new spending proposals that will do little to help struggling Americans or the economy. One of his cornerstones of ‘rebuilding the economy,” is devoting billions of dollars to green energy programs. This green spending will sink the country deeper in the red and be a massive corporate welfare giveaway
• Biden also touted transportation provisions of his proposed infrastructure package. A focal point – and the single largest line item – is his focus on electric vehicles. Despite years of tax credits and subsidies, electric vehicles have failed to grab a firm foothold in America. Instead of focusing on more efficient methods, this plan would waste billions of dollars.
• Accompanying these exorbitant proposals were a barrage of tax hikes, meant to soften the blow to the nation’s deficit. However, these tax hikes alone would do significant damage to the nation and its citizens – regardless of how much it might assuage deficit numbers

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Patrick Hedger
Patrick Hedger is Vice President of Policy at TPA. Prior to joining TPA, Patrick was a Research Fellow at the Competitive Enterprise Institute’s Center for Technology and Innovation and also served as Director of Policy at FreedomWorks

Available for interviews is Taxpayers Protection Alliance VP of Policy Patrick Hedger.<

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