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Art Laffer, Ronald Reagan’s former economic adviser, says the difficulty with Joe Biden’s recent economic proposal is that he is anti-expansion, as he taxes other Americans who paint and could pay other Americans who don’t paint. Laffer says if implemented, Biden’s tax plan will cause serious damage to the economy.
ART LAFFER: Joe Biden and some of his colleagues say they love the deficient so much that everyone wants to make us deficient. Sleep in America has never been to make the rich poor. Sleep in America has been to enrich the deficient.
JOE BIDEN: I promise you, I will make historic investments to revitalize our economy by strengthening American production and home chains, and making American staff the opportunity to join and earn a living wage.
ART LAFFER: There’s a general direction Joe Biden is taking. It’s about raising tax rates: he says he wants to raise the maximum logical marginal tax rate from 37 to 39.6, contrary to the 2017 tax bill. He wants to keep telling his best friend so that the apple tax rate from 21% to 28%, from 35%. It wants to raise the capital gains tax rate to 40%.
There is this complete discussion, and I am obliged to have the masses of others, we are talking about an estate tax, we are talking about a green tax and all that. Joe Biden’s plans go a long way in the wrong direction. And as such, they will damage the economy. They won’t bring the raisins we’ve been waiting for. And I think it can be a pointless time if you try, and succeed, establish your tax plans and your final plans.
Now, on an all too simple and basic level, if you tax other Americans who went and pay other Americans who don’t seem to run, you’ll have more Americans who don’t seem to run. At this time, the pandemic, we were given a challenge of too serious paintings in this country. The last thing to do is to deter staff from executing more than in a position they are COVID-19.
JOE BIDEN: The United States owns and maintains a gigantic fleet of vehicles. And turn those government fleets into electric vehicles, manufactured and obtained here in the United States of America, with the executive providing calls and subsidies to refit the plants.
ART LAFFER: Government is never the answer. The answer is to position a constant of conditions that allow the forces of the market position to bathe the environment. In a position where you may be able to see, we have been given a wonderful variety of cheap cars compared to what we had before. All those things were done through their own corporations, through car manufacturers with standards and everything else.
I mean, if they were to implement that kind of policy, it must have an overly large replenishment in the carbon dioxide component of the environment without a central authority having a trillion-dollar program. Set the rules correctly, and the slice itself will create blank air and a blank environment.
PRESIDENT RONALD REAGAN: For those who don’t have task opportunities, encourage beyond new opportunities, especially a friend in the centers of the cities where they live. For those who revel in lost hope, give them hope and welcome them to a wonderful national crusade to make America wonderful again.
ART LAFFER: Ronald Reagan has said the balance at all times. And the only way to balance is to have pro-expansion policies. No American is even better at luring a fellow American down. And all Americans are better off if an American is better off. An emerging tide lifts all the boats. And that’s never the vision I see today of Joe Biden. And I hope to see you someday because there’s never a big explanation for why you can’t be like Kennedy.
You know, I voted the highest democrat of my life. I’m a Kennedy supporter. I think the Kennedys are great. I voted for Bill Clinton twice. I paid Jerry Brown’s flat duty when he ran for president. I love Democrats. But they’re going to have to be pro-growth. And they have to balance, not balance.