Biden uses tax policy to buy votes

Joe Biden is buying votes again. His tax revenue proposal for fiscal year 2025 promotes targeted tax increases that affect white individuals more than other groups with the goal of helping to ease racial wealth inequality.

By raising taxes on accumulated wealth based upon income and capital gains, a Treasury Department analysis shows that black and Hispanic families could see a reduction in wealth disparity. The disparity cause: whites tend to own assets subject to capital gains tax and/or fall into higher income tax brackets.

As part of his tax proposal, Joe Biden proposes an expansion of the child tax credit, including a temporary raise in the per-child amount and a permanent restoration of the full refundability provision. The Treasury Department reports that this proposal will help alleviate the wealth racial disparity because a greater percentage of blacks and Hispanics have historically benefited from the credit.

Preston Brashers, research fellow for tax policy in the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, said, “Taxing capital gains at 44.6% at the federal level — not to mention state taxes — would be economic suicide… the net result would be less tax revenue, not more. The middle class and working class would be slammed with mass layoffs and lower real wages.”

Chris Edwards, the Kilts Family Chair in Fiscal Studies at the Cato Institute, said, “Left-wing Biden economists seem unable to appreciate that raising taxes on capital hurts labor. Capital and labor work together to produce economic growth. They are complements. The Biden economists seem to hold the Marxist view that capital and labor are bitter enemies, and that the only way that labor can win is for the government to crush capital.”

The Biden bunch is big on ‘root causes.’ Biden uses taxes to achieve parity rather than address the root cause of wealth and income inequality.

This is yet another manifestation of DEI. Equity focuses upon tailoring policies, in this case tax policy to the circumstances of specific individuals or groups to achieve an equal outcome. Biden is in favor of racial equity over racial equality. Whatever happened to everybody being treated equally? Not gonna happen on Biden’s watch.

Image: Easy-Peasy.AI