Larry Kudlow, a Kudlow host, sounded on President Biden’s spending plan for infrastructure on Wednesday, saying ‘common sense’ says a $ 1.3 billion tax increase would be bad for the economy.
LARRY KUDLOW: Today comes the taxman. President Biden gave a speech today on his new tax increase in infrastructure. Treasury Secretary Janet Yellen formally announced the administration’s plans for tax increases during a media conference. Trade Secretary Gina Raimondo, who actually has a financial background in the private sector, has tried to convince people that there is room for compromise. And the president himself swears he will talk to Republicans.
Also, Finance Minister Janet Yellen is publishing a detailed piece in the Wall Street Journal today … let me just say at the beginning. With all the sneaky smoke blowing from different politicians in Washington, my way of thinking is simple: an increase of $ 1.3 billion in corporate taxes is an increase in corporate taxes of $ 1.3 billion. In other words, your taxes go up. Great time. And there is much more to come when the Biden comes out with the individual tax code, capital gains and small businesses. Get ready for it.
But let me make it very simple … do you believe that a $ 1.3 billion tax increase will make the economy grow faster or slower? I think someone with common sense would instinctively think that a huge tax increase is bad for the economy.
WATCH LARRY KUDLOW’S FULL MONOLOGY HERE