President Joe Biden is proposing a total of $5.8 trillion in federal spending for the fiscal year that begins October 1. The Biden plan would establish a 20% minimum tax on households worth $100 million or more; it would also increase the top individual tax rate as well as the corporate tax rate.
"For most Americans, the last few years were very hard, stretching them to the breaking point. But billionaires and large corporations got richer than ever," Biden said at the White House on March 28. "I'm a capitalist, and if you make a billion bucks, great. Just pay your fair share."
Stephen Moore, senior economist at FreedomWorks, says this plan shows Biden's priority is government, not private sector investment and the kinds of things that Moore says would make the American economy more prosperous.
"It's all about green energy, it's all about equity, it's all about … climate change and these kinds of things," he argues. "There's nothing in this budget that's really conducive to economic growth."
That, says Moore, was the reason why he and others pushed for the corporate tax rate under Trump to go from 35% in the Obama years to 21%.
"We just sucked in capital from the rest of the planet … and it created jobs," Moore explains. "It's one of the [many] reasons why under Trump we had a strong economy."
Critics discussing the U.S. economy – and specifically, the historic inflation currently besieging Americans – have pointed to the increase in gas prices (38% since Biden took office) as just one indication his policies are not helpful. In a tweet on Monday, Moore addressed that issue – and Biden's apparent attitude:
"Joe Biden doesn't want you to fret over $5 a gallon gas prices. He wants Americans to take advantage of electric vehicles. Who's paying for my $80,000 Tesla, Joe?"
Under Biden's plan to impose an unrealized gains tax of 20%, "America is at risk of falling from the world's economic superpower," Moore has stated.
