WILL RICH SUPPORT BIDEN TAX INCREASE
May 27, 2021 - Douglas Myser
Will rich support biden tax increase. President Joe Biden ran on a platform of raising taxes for anyone who earned dover $400,000 a year. And he was elected President of the United States of America, validated by dozens of court cases across the entire country. The shift in sentiment regarding taxing the rich is in contrast to Grover Norquist's rant's about how taxing the rich will cost the American people jobs. After several decades of watching trickle down economics not do what it was supposed to do, and see the middle class shrink to the lowest level post World War Two, the majority of Americans, including many of the wealthy, said enough is enough. Did the conscious of America awaken ? Or was it was one time wish list ? Right now its hard to tell, but time will tell. Will rich support biden tax increase.
Given that Biden was elected, and polls show many wealthy did vote for joe, the argument can be made that after seeing the destitute, the increase in homelessness, and the loss of a large number of jobs to COVID, the majority of Americans thought that a major investment in America needed to be made. With interest rates low, it seemed the time was right, especially for needed infrastructure repairs. Is this just a one time investment, a COVID reaction, that will dissipate over time, once the large investment is made ? That answer will depend on several things. First and foremost, will this investment pay off ? We know that raising the Capital Gains rates will lower profitability of Corporate America in the short term, but may pay handsome dividends in the longer run. If it does, and the economy grows, with a larger tax base, and better and well paying jobs, then Joe Biden will be looked upon as a visionary leader, who acted when others were standing idle in the face of a once in a Century Crisis. Only time will tell. And if the economy grows, and the rich get richer, they may not mind that tax increase they paid after all.