A recent letter writer commenting on Joe Biden’s tax plan is an example of the naiveté that Mr. Biden hopes for. Donald Trump’s tax cut reduced the taxes of more than 80 percent of the middle class. Studies already show that Mr. Biden’s tax plan will reduce middle-class income by close to 2 percent. It will also create additional unemployment.
What the average Joe doesn’t understand is that when you increase corporate taxes, these costs are handed down in the way of less employment, fewer raises and elimination of bonuses to the middle class and overall cut in expenses.
Democrats favor the rich as reflected by Senate Majority Leader Chuck Schumer’s proposition to remove the $10,000 limit on state and local tax deductions, which will directly benefit the rich by reducing their federal tax burden. Unfortunately, most Americans do not understand basic economics.