Biden economic plan conceals middle class tax hike, will put middle class in ‘peril’

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Watch Home Depot co-founder Ken Langone describe Joe Biden’s tax plan. Trump has got to hit Biden hard on this in the debate. There are not enough wealthy Americans to pay for Joe Biden’s insanity.

Joe Biden’s tax plan will put middle class in ‘peril,’ Home Depot’s Langone says

Biden’s tax plan will ‘punish’ the middle class, not the rich, Langone says

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By Fox News, October 21, 2020

Home Depot co-founder Ken Langone blasted Democratic presidential nominee Joe Biden’s tax plan on Wednesday, saying that “the middle class will be in peril.”

Langone told “Mornings with Maria” on Wednesday that the middle class will feel the effects of Biden’s tax plan even though the former vice president has said the wealthy should pay more in taxes, and that the tax code should be more progressive and equitable. That includes eliminating loopholes that favor the rich and large corporations.

“I don’t know if there’s any of us that have done well that will have a problem with paying more taxes, but it’s a ruse to think that hitting us and us alone is going to get the job done,” Langone said.

“It won’t and the middle class will be in peril and when you take money out of the hands of the middle class, you do a dramatic impact negatively on the economy.

“The middle class will not be exempt,” he added. “Tragically, it will punish them. It isn’t going to punish us.”

Biden would repeal changes made to individual income tax rates for the wealthy (individuals with incomes over $400,000) under the 2017 Tax Cuts and Jobs Act, which means the top rate would revert back to 39.6 percent, from 37 percent.

Another big change Biden wants to make is to tax capital gains at the same rate as ordinary income for households earning more than $1 million.

Currently, short-term capital gains are taxed at the same rates as income, but long-term gains are taxed at lower rates.

The top long-term rate is 23.8 percent.

“You aren’t going to get the revenue numbers by just taxing the rich,” Langone told host Maria Bartiromo.

“The only way a tax increase will generate revenues is to go after the middle class. That’s where the numbers are,” he continued, adding that “these people are being misled.”

“There is not going to be enough money generated from the so-called rich to take care of all the needs,” Langone went on to say.

He then stressed that “it is absolutely a fraud to suggest that all the money that’s going to be needed is going to come from the rich and the super-rich.”

“The problem is, when you go after the middle class, you begin to attack the backbone of the economy and we will have a bad recession. We will have a very bad recession,” Langone said.

He pointed out that Biden’s “pitch” is “based politically on the notion” that “we’ll get only the rich people” and the “middle-class people are going to be fine.”

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DemocracyRules
DemocracyRules
3 years ago

♪ ♪ A man hears what he wants to hear and disregards the rest.♪ ♪
– Paul Simon, “The Boxer”
People driven by dogma cannot afford to consider the facts. Because the facts often conflict with the dogma.

DemocracyRules
DemocracyRules
3 years ago
Reply to  DemocracyRules

Senate Judiciary Republicans Vote to Advance Barrett’s Nomination to Full Senate
https://www.theepochtimes.com/senate-judiciary-republicans-vote-to-advance-barretts-nomination-to-full-senate-despite-democratic-boycott_3547773.html
Scorecard:
The Senate current split is 53 Republicans versus 47 Democrats and quasi Democrats
51 Republicans will probably vote in favor of confirmation, with:
Susan Collins (R-Maine) probably abstaining
Lisa Murkowski (R-Alaska) probably voting against
———
47 Democrats will probably vote against confirmation
=========
and thus:
51 in favor, 48 against
and Pence will break a tie.
Therefore, Barrett will probably be confirmed on Oct. 26
———————-
More detail:
The Senate Judiciary Committee voted on Thursday to advance Judge Amy Coney Barrett’s Supreme Court nomination to the full Senate floor. The 12 Democrats refused to vote. That created a technical rules quibble, because at least 2 members in opposition should vote. But one may argue that deliberately abstaining is effectively a vote against. The committee chairman, Sen. Lindsey Graham (R-S.C.) advanced Barrett out of the committee this morning about the abstentions: “That was their choice. It will be my choice to vote the nominee out of committee.”
On Oct. 23, the Senate will begin considering Barrett’s nomination. The final vote is scheduled for Oct. 26. Senate Majority Leader Mitch McConnell (R-Ky.) told reporters that he has the votes to confirm the judge and they will “stay on it until we [are] finished.”

felix1999
felix1999
3 years ago
Reply to  DemocracyRules

It’s a done deal for Amy. Mitch should have skipped the circus and just voted for her.
Amy already went through this back in 2017. President Donald Trump nominated her to be a circuit judge on the U.S. Court of Appeals for the Seventh Circuit. The Senate held a confirmation vote on October 31, 2017. This was her first position as a judge. The rest of her background is academia. Looks like she will have her new position on the Supreme Court soon

I have reservations about her but she is doing a superb job in the hearings. She is intelligent and holds her ground. I can only hope she is not a social liberal. A lot of social liberals support her too!

DemocracyRules
DemocracyRules
3 years ago
Reply to  felix1999

Felix: Well I think you were right to scrutinize her background closely.

Chris Wolf
Chris Wolf
3 years ago

Biten is so covered in shame and smeared with sh*t by his eight-years collaboration with History’s Most Ignominious Traitor — Hussein — and selling out America and its people and future for expediency and greed.
He tells an evil half-truth of not raising taxes without mentioning that he plans to repeal the Trump tax cuts, AND a damnable lie when seen against the huge tax increases he’s more than willing to roll over for to fund every Leftist-Globalist takedown policy hoax — and to cover for the massive loss of GDP from mudslides of new regulations.
Just like good ole’ Joe — wrong about everything, all the time.
Because his only metric has ever been self-serving.
And you can’t teach an old dog new tricks.
Biten is a sick, blind, growling old dog.
P.O.S.

Ziggy46
Ziggy46
3 years ago
Reply to  Chris Wolf

Excellent, Chris Wolf.

felix1999
felix1999
3 years ago

THIS is what will happen to YOU if Biden gets in –
It didn’t take long for that to happen – LESS THAN A YEAR!

Pandemic worsens NYC’s food crisis
By Jessica Formoso
10/20/20
FOX 5 NY 10/21/20

COVID-19 and the Economy- The lines are long and the need is enormous. More than 1 million New Yorkers can’t afford food, and standing on long lines at food banks is now too common amid the pandemic.

“We have done disasters before but nothing is even close to what we are doing now,” Alexander Rapaport, the executive director of Masbia soup kitchen network, told FOX 5 NY.

Masbia soup kitchen network opened 15 years ago. It has locations in Borough Park and Flatbush in Brooklyn and in Forest Hills in Queens. Rapaport said he has seen a 500% increase in demand.

An estimated 1.5 million New Yorkers cannot afford food, according to the New York Times. Their only lifeline is a food pantry.

“I’m on a limited income. I visit every two to three weeks,” said Denise Allen, a mother of one.
(Where is dad?)

Rapaport said there is so much need. So much so that for the last three days, Rapaport, his staff, and volunteers have been operating around the clock. All three locations are now open 24/7, feeding 1,500 families a day, but it is still not enough, he said.

Instead of making people stand on a long line for hours, Masbia has transitioned into what Rapaport called digital lines. You now have to make an appointment to pick up your box of food.

“We are spreading that out so it doesn’t create chaos on the block and people aren’t embarrassed for standing on long lines,” he said.

https://www.fox5ny.com/news/pandemic-worsens-nycs-food-crisishttps://www.fox5ny.com/news/pandemic-worsens-nycs-food-crisis

Andrew
Andrew
3 years ago

If crooked BidenHarris win –

Kiss your IRA, social security, medicare, your house and parental rights goodbye. 100 million aliens from the third world coming to the usa in 2021 if biden wins and they will all need housing – Your House!

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Thanks for sharing!