by WorldTribune Staff, October 21, 2020
Joe Biden likes to say that his plan of increasing taxes is aimed at making the rich pay their fair share, but it is the middle class that will be hit hardest by the Democrat candidate’s policy of higher taxes, the co-founder of Home Depot said.
“I don’t know if there’s any of us that have done well that will have a problem with paying more taxes, but it’s a ruse to think that hitting us and us alone is going to get the job done,” Ken Langone told Fox Business on Wednesday.
“It won’t and the middle class will be in peril and when you take money out of the hands of the middle class, you do a dramatic impact negatively on the economy,” Langone said. “The middle class will not be exempt. Tragically, it will punish them. It isn’t going to punish us.”
The Left is perpetuating a fantasy and misleading the American people by contending that all the funds needed for the agenda Biden has promised them will come from taxing the rich and raising the corporate tax.
“It is absolutely a fraud to suggest that all the money that’s going to be needed is going to come from the rich and the super-rich,” Langone said.
Biden plans to repeal President Donald Trump’s 2017 Tax Cuts and Jobs Act. The largest of Trump’s tax cuts went to the bottom 40 percent of U.S. households.
The Tax Foundation has said that Biden’s policy would result in a decline in after-tax income for “all” U.S. taxpayers.
“The only way a tax increase will generate revenues is to go after the middle class. That’s where the numbers are,” Langnoe said, adding that “these people are being misled.”