New study: Biden’s tax hikes hit 80% of Americans, $6,500 less median household income

These people are all voting for Joe Biden - are you?
These people are all voting for Joe Biden – are you?

This study actually appeared in the Wall Street Journal, but since they have a paywall, I am linking to The Federalist instead. This new study comes from the Hoover Institute at Stanford University. The Biden campaign is claiming that middle-class households won’t feel any effects from these tax increases. But the study is clear. Not only will 80% of Americans pay more, but many jobs will also be lost.

The Federalist reports on the study, which has some very prestigious authors:

A new study shows that Democratic Presidential Nominee Joe Biden’s proposed economic plan would significantly hurt the long-term American economy if implemented.

While many mainstream media outlets claim Biden’s plan will target the wealthy and save the middle-class money, the 50-page study released by the Hoover Institution shows different results.

“Economists have paid too little attention to the economic effects of the Biden plan,” said Casey B. Mulligan, professor of economics at the University of Chicago. “Our report, which focuses on taxation, health insurance, regulation, and energy policy, suggests that these effects are potentially very large indeed.”

The study conducted by a group of financial and economic experts including Mulligan, former Chief Economist of the White House Council of Economic Advisers, and Kevin Hassett, Chairman of the Council of Economic Advisers since 2017, demonstrates how Biden’s plan will hurt everyone.

This is the bottom line: higher unemployment, lower household income for the average household:

“We conclude that, in the long run, Vice President Biden’s full agenda reduces full-time equivalent employment per person by about 3 percent, the capital stock per person by about 15 percent, real GDP per capita by more than 8 percent, and real consumption per household by about 7 percent,” the report stated.

If Biden’s proposed changes are implemented, the economists warn that, according to the Congressional Budget Office’s projections, 2030 may yield “4.9 million fewer employed individuals, $2.6 trillion less GDP, and $1.5 trillion less consumption in that year alone.” The economists also note that the median household income in 2030 would fall by $6,500 despite Biden’s promises to prioritize the middle class.

You’re not going to be immune to this, even if you’re poor:

While Biden and his VP Nominee Kamala Harris previously promised that they will not “raise taxes on anyone who makes less than $400,000,” they have also promised to repeal the tax cuts made by President Trump, which gave 80.4 percent of all taxpayers a cut and 91 percent of the middle quintile a cut.

I don’t like numbers like this. It’s not just that I have to work the same amount for less take-home pay, which reduces my freedom. It’s also that the pressure on “the rich”, i.e. – MY EMPLOYER, causes companies to ship jobs overseas where labor costs are lower. Did you know that higher taxes causes outsourcing of jobs? The more that business owners have to pay, the more likely they are to pick up and move somewhere else – taking their jobs with them.

I don’t like this. It’s hard enough for me to make a living without the government taking more of what I earn. I’ll have to work longer in order to make up the difference – assuming I can even keep my job.

3 thoughts on “New study: Biden’s tax hikes hit 80% of Americans, $6,500 less median household income”

  1. I was going to point out several things, but only one really matters:
    Economists are never right.
    I’m not going to go out and read the articles because of that statement above. I’ll ask some questions and point some additional things out.
    1. Did they provide a link to Biden’s ACTUAL economic plan?
    2. These numbers matter to no one. WK – You don’t have to “work more”. You can:
    a. Find a better paying job.
    b. Set up some sort of passive income streams.
    c. People move up and down the economic brackets constantly. Most rich people started near the bottom and many rich people return there.
    3. 80% affected, 20% not? Hmm. I’m assuming that is the BOTTOM 20% of Americans who are already living off government welfare and at most are working low-paying jobs. The 80% represents the 3 Middle-Class quintiles and the top 20% of INCOME earners. NOT wealth.
    4. Does the study break down and point out that a well-off retiree living off their investments has NO “income”? That the welfare payments give that bottom 20% MORE “disposable income” than many families in the Middle-Class quintiles? I’d be happy with more disposable income without working. Wouldn’t everyone?
    5. Economic forecasts are about as accurate as those of Dispensationalists. They make them every year but are never held accountable (ie “put to death” per Deut. 13 and probably other passages. I’ll look them up.). I kept pointing this out to one blogger and they banned me.
    6. Prophecy fulfilled is more powerful than failed predictions. (I believe that quote might be mine. If you know of a source for that, please let me know.) Get back to me if Biden is elected. I’ll be the one in the sandbagged house fending off the Socialists.

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  2. Reblogged this on kommonsentsjane and commented:
    Reblogged on kommonsentsjane/blogkommonsents.

    For your information. Second article to re-emphasize how bad things will be if Biden is sucked in by the socialists and vote harvesting.
    .
    kommonsentsjane.
    kommonsentsjane

    Like

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