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Democratic Taxers Will Need Middle-Class Taxes to Fund Their Agenda

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Democratic Taxers Will Need Middle-Class Taxes to Fund Their Agenda

National Review Online September 17, 2021
EconomicsTax

If Biden wants to fund his spending proposals, he can't just tax the rich.

The progressive goal of moving toward a European-style social democracy is colliding with America’s anti-tax reality.

President Biden’s American Jobs Plan and American Families Plan proposed a total of $3.3 trillion in new taxes over the next decade to partially finance $4.5 trillion in new benefits. In response, the Senate has passed a $550 billion infrastructure bill with few legitimate pay-fors, and Congress has pledged a $3.5 trillion reconciliation bill that would add up to $1.75 trillion in new deficits.

Yet the president and Congress are hitting the mathematical, economic, and political limits of the progressives’ long-standing promise to finance European spending levels on the backs of the very rich.

Continue reading the entire piece here at National Review Online

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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.

Photo by Al Drago/Getty Images

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