Biden Administration Tax Policy Proposals Hurt US Competitiveness

Commentary Usually when someone starts to talk about taxes, the eyelids grow heavy and the attention wanes, so I’ll keep this short. The Biden administration’s tax policy proposals are a disaster for U.S. competitiveness, for families, and the employers who hire them. While the Biden administration’s tax proposals have often been vague, with details missing, a few key elements are consistent. They rely on increased tax rates on businesses and individuals, and assume that both can be further burdened without damaging the economy. This is a falsehood. The Biden administration’s tax proposals have been unrealistic and completely disconnected from the massive growth in expenditure reflected in the administration’s various initiatives, such as the $1.7 trillion Build Back Better plan. The administration claimed that the Build Back Better program would be “fully paid for by the tax proposals,” which was clearly untrue even at first glance. Detailed analysis from the University of Pennsylvania’s Wharton School indicated that the tax proposals would fall short of the administration’s spending plan by nearly $500 billion....