Biden would raise taxes by $3.4 trillion, increase spending by $5.4 trillion, study finds

Joe Biden has never hidden the fact that he plans on raising taxes on Americans.

After examining the Democratic presidential candidate’s platform, a new study has found that if elected, Joe Biden’s plan would cost American workers and business owners about $3.4 trillion in new taxes — plus increase government spending by over $5 trillion in the next ten years.

More taxes, AND more spending

The U.S. government is currently in massive debt with no real plan to dig itself out.

When Trump took over, the plan was to fix pressing issues first, then start working on reducing the federal deficit. Before that plan could be carried out, the coronavirus pandemic hit, sending the deficit even further into the red.

Raising taxes would go over much better if spending was cut and the deficit was being reduced, but that will not be the case under a Biden administration. A Penn Wharton Budget Model analysis of Biden’s platform shows that in addition to increased taxes, overall spending will also increase significantly, Fox Business reported.

During the same time frame that Americans will be ponying up some $3.4 trillion in taxes, the government would spend about $5.4 trillion more than it already is, creating an additional $2 trillion in deficit if Biden’s current platform is enacted.

Playing semantics

In order to sell this plan to voters, Biden has claimed while on the campaign trail that anyone making less than $400,000 per year will not see an increase in taxes. But even if that was true, middle-class America will still feel the financial impact.

When Biden raises taxes on corporations, wages will stagnate, jobs will be reduced, investment returns will drop, and prices will soar to make up the difference.

President Donald Trump has been quick to point that out, recently stating, “Joe Biden is not a savior of America’s soul. He is the destroyer of America’s jobs, and if given the chance, he will be the destroyer of America’s greatness.”

Trump later added, “He has pledged a $4 trillion tax hike on almost all American families, which would totally collapse our rapidly improving economy, and once again record stock markets that we have right now will also collapse. That means your 401(k)s. That means all of the stocks that you have.”

Recently, a group of more than 200 retired military leaders penned a letter of support for Trump, stating that this it “the most important election since our country was founded.”

They could not be more right.

Share on facebook
Share to Facebook

Latest News