ICYMI: New York Times Analysis Debunks Tax Scare Tactics
Today, in his New York Times morning newsletter, a new analysis outlined by columnist David Leonhardt defends President Biden's tax proposals against claims from business lobbyists and conservative economists that modest tax increases on the wealthiest Americans and big corporations are unfair or "archaic."
Leonhardt writes: "Whether you like Biden's plan or dislike it, it is not radical. For that reason, it is highly unlikely to have the harmful effects on economic growth that its critics are claiming. Remember: In the 1990s, the last time tax rates were as high as the ones Biden has proposed, the economy boomed. It also grew rapidly after World War II, when tax rates were higher yet."
He concludes: "The main effect of Biden's tax plan probably won't be on the level of G.D.P. It will instead be on the relative tax burden that wealthy people pay. When they criticize the plan as unfair, archaic and outrageous, they are really saying that they enjoy paying low tax rates."
Read the full column here.
Joseph R. Biden, ICYMI: New York Times Analysis Debunks Tax Scare Tactics Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/349803