Joe Biden Lays Out a Misguided Economic Agenda with Aim to Raise Taxes, Make America Less Globally Competitive

Joe Biden delivered his first address to Congress this evening. On America’s tax policy, our global competitiveness, and immigration, he missed the mark.

Biden doubled down on raising taxes on hardworking Americans during a global pandemic and falsely claimed that people earning less than $400,000 per year would not see their taxes go up.

Washington Examiner: “The Tax Foundation estimates that Biden’s corporate tax hike would slash 159,000 jobs and that an average 0.7% wage reduction would harm the bottom quintile of workers, who would see a 1.45% decrease in after-tax income. Prices would likely go up, and retirement accounts would be smaller than otherwise.

“That’s a middle-class tax hike.”

He also neglected to mention that hiking corporate taxes would impact the middle class through lower income, higher costs, and smaller retirement accounts.

By raising the corporate tax rate, Democrats would make America the least competitive nation among the “OECD, the G7, and all our major trade partners and competitors including China.” That’s completely inconsistent with Joe Biden’s comments tonight about the necessity of keeping our country competitive with the rest of the world.

Biden has a recent history of blowing off the idea of international competition, namely from China in 2019.

Washington Post: Biden: “They’re Not Competition For Us.” “‘They can’t figure out how they’re going to deal with the corruption that exists within the system,’ Biden said of China. ‘I mean, you know, they’re not bad folks, folks. But guess what? They’re not competition for us.’” 

Despite his close working relationship and extended phone calls with the Chinese leader, Biden has still yet to ask about the origins of the COVID-19 virus. 

And Biden continued his puzzling comments on China where he claimed to have flown 17,000 miles with Chinese leader Xi Jinping, a claim the Washington Post gave 3 Pinocchios.

Lastly, despite the ongoing humanitarian crisis at the southern border, Biden deflected the issue by discussing Kamala Harris’s conversations with leaders in South America. Missing from the immigration part of the speech? A real reflection on the overcrowded facilities holding migrant children and a commitment to fixing the issue.

Bottom Line: Joe Biden missed the mark this evening. He outlined a misguided economic agenda that would raise taxes on the middle class as they begin to recover from a global pandemic and put our country at a competitive disadvantage with the rest of the world.