• About
  • Advertise
  • Careers
  • Contact
Saturday, May 28, 2022
  • Login
No Result
View All Result
NEWSLETTER
DJHJ Media
  • Home
  • World
  • Politics
  • Business
    • Science
    • Tech
  • Get My Book!
  • Shop
  • Home
  • World
  • Politics
  • Business
    • Science
    • Tech
  • Get My Book!
  • Shop
No Result
View All Result
DJHJ Media
No Result
View All Result
Home 2020 Elections

If Biden Wins Your Taxes Are Going up, Period, Average Loss will be $6,500 Per Household- Study

by Kari Donovan
October 20, 2020
in 2020 Elections
0 0
0
If Biden Wins Your Taxes Are Going up, Period, Average Loss will be $6,500 Per Household- Study
0
SHARES
1.6k
VIEWS
Share on FacebookShare on Twitter

The Presidential election is two weeks away, and many people have already voted in states that have early voting. President Donald J. Trump is running on lower taxes and jobs, and Democrat Joe Biden is running on raising taxes and Climate Justice.

Even though Biden goes back and forth on admitting his high tax scheme for massive Green New Deals and perks for his friends, he insists that his huge government full of cushy Environment jobs will not cost the average American any more in taxes.

The Federalist reported on Biden’s taxes:

“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.”

“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. On Day One, Joe Biden will repeal that tax bill. He will get rid of it,” Harris said during the vice presidential debate in early October.”

According to a recent Hoover.org Report Biden’s tax plan is very dangerous for America:

This report explores the potential impact of Democratic presidential candidate Joe Biden’s proposals on the economy as a whole. We conclude that in the long run, Biden’s agenda would reduce 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. Relative to the CBO’s 2030 projections for these variables, this suggests there will be 4.9 million fewer employed individuals, $2.6 trillion less in  GDP, and $1.5 trillion less consumption in that year alone. Median household income in 2030 would be $6,500 less.

While these effects may seem large, they are actually conservative estimates of the negative impact of the full Biden agenda.

Our report specifically assesses the impact of policies in four areas: taxation, health insurance, regulation, and energy policy. It estimates the changes in incentives that the policies produce, and then incorporates those changes into a macroeconomic model commonly relied upon in the academic literature.

We reach three key conclusions:

First, transportation and electricity will require a lot more inputs (including 1.3 million net additional energy workers) to produce the same outputs because of Biden’s ambitious plans to further cut the nation’s carbon emissions. Because these industries are a nontrivial share of the overall economy, that means 1 or 2 percent less total factor productivity overall. These effects would be significantly larger —likely dwarfing the (nontrivial) rest of the agenda—if the energy goals are taken literally. The costs would also be concentrated geographically.

Second, labor wedges (the amount of the value created by additional work that goes to third parties) are increased by proposed changes to regulation as well as to the Affordable Care Act (ACA). The quantitative findings for the ACA should be no surprise given the findings from previous efforts in the United States and other countries to expand health insurance coverage.

Third, Biden’s agenda reduces capital intensity by increasing average marginal tax rates on capital.

Increases in the business tax rates would come primarily from three proposed changes: raising the corporate tax rate to 28 percent, phasing out the qualified business income (QBI) deduction, and extending the payroll tax to income above $400,000. The phase-out of the QBI deduction raises marginal tax rates on pass-through business income, and the extension of the payroll tax raises marginal tax rates on sole proprietorship and partnership income through the self-employment tax.

Pass-through entities employ more than 40 million workers in the United States, and the fully phased in Biden plan would increase the top tax rate on these entities by more than 25 percent, especially because of the payroll tax increase. We estimate that 73 percent of firms would face this tax increase. The report provides estimates of the share of total employment in the aggregate and in each state occurring in pass-through businesses facing tax hikes in 2020 under the Biden plan. These affected shares of total employment range from a low of 31 percent in Hawaii to 51 percent in Idaho. Idaho, Montana, and Wyoming would be particularly hard hit, as pass-through businesses provide a majority of employment in each of these states.

Biden’s energy proposals are intended to wean the United States from its reliance on fossil fuels, both in transportation and in power generation. Unless Americans drive a lot less, the electrification of all, or even most, passenger vehicles would increase the per capita demand for electric power by about 25 percent at the same time that more than 70 percent of the baseline supply (i.e., electricity generated from fossil fuels) would be taken off line and an additional 11 percent (nuclear) would not expand. To put the 25 percent figure in perspective: that is the amount of the cumulative increase in electricity generation per person since 1979, a period during which nuclear and natural gas generation tripled.

Another way to visualize the scale of these policy changes is to start with the observation that the value of the deposits of fossil fuels in the ground, according to our estimates, is about $5 trillion. Even under conservative assumptions that include much less draconian reductions in fossil fuel use than would follow from a literal interpretation of the Biden plan, we find that the sharp reduction reduces American mineral wealth by $6,800 per household.

As for health insurance coverage, Biden proposes four major changes to the individual markets created by the Affordable Care Act. First, premium tax credits would become more generous. Second, premium tax credit eligibility would be expanded by eliminating the income ceiling. Third, the federal government would offer plans alongside private exchange plans. Fourth, people ages sixty to sixty-four (many of whom were ACA customers) could buy into Medicare. All of these potentially affect marginal tax rates on employment and labor income.

We estimate that the combination of these ACA modifications resembles an increase in average marginal labor income tax rates of 2.4 percentage points. These higher rates contribute significantly to our estimates of the labor market effects of Biden’s policy proposals.

Finally, if we assume that the Biden plan would return regulatory policy to the path set by the previous administration, then recent literature allows us to measure the added opportunity costs to society of the heightened regulations. Our analysis suggests these amount to $279 billion per year.

Economists have paid little attention to the economic effects of the Biden plan as a whole. This report suggests that these effects are potentially very large indeed.”

Kari Donovan
Kari Donovan

Kari is an ex-Community Organizer who writes about Voter Engagement, Cultural Marxism and Campaigns. She has been a grassroots volunteer with the GOP, on and off for 18 years. She is a Homeschool Mom in North Carolina and loves Photojournalism and Citizen Journalism. @Saorsa1776

ShareTweetShare
Next Post
Governor Cuomo Calls Into Question the Credibility of FDA and CDC in Vaccine Approval Process

Governor Cuomo Calls Into Question the Credibility of FDA and CDC in Vaccine Approval Process

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Join our mailing list!

Top News

  • VINDICATION: First Person Pleads Guilty to Voter Fraud and Conspiracy on June 2nd… Featured in 2000 Mules

    VINDICATION: First Person Pleads Guilty to Voter Fraud and Conspiracy on June 2nd… Featured in 2000 Mules

    0 shares
    Share 0 Tweet 0
  • James O’Keefe’s Opening Testimony on FBI and DOJ Overreach Shocks House Judiciary Committee

    0 shares
    Share 0 Tweet 0
  • Barack Obama Used the Death of 19 Children and 2 Teachers in Texas School Shooting To Memorialize George Floyd

    1 shares
    Share 0 Tweet 0
  • CDC Numbers Show Accidental Vehicle Deaths Are 27 Times Higher Than Accidental Gun Deaths Among Children 0-19

    0 shares
    Share 0 Tweet 0
  • Husband of Teacher Killed in School Massacre Dies of a Heart Attack

    0 shares
    Share 0 Tweet 0

Recommended

Democrat’s Reform Of Judicial System Is Getting People Killed

Democrat’s Reform Of Judicial System Is Getting People Killed

6 months ago
Charlamagne tha God and Rush Limbaugh Go Head To Head On The Air About White Privilege

Charlamagne tha God and Rush Limbaugh Go Head To Head On The Air About White Privilege

2 years ago

Newsletter

Never miss an update. Sign up for our morning updates.
SUBSCRIBE

Category

  • 2020 Elections
  • 2022 Elections
  • 2024 Elections
  • Abortion
  • Activism
  • ANTIFA
  • Azov forces
  • Back the Blue
  • Biden Administration
  • Biden Lies
  • Black Lives Matter
  • Border Crisis
  • Business
  • Cancel Culture
  • Censorship
  • Climate Change
  • Communist Chinese Party
  • Corporate Fascism
  • Corruption
  • COVID-19
  • Crime
  • Critical Race Theory
  • Economy
  • Education
  • Election Integrity
  • Entertainment
  • Environment
  • Equity Bomb
  • Faith
  • Fake News
  • Fascism
  • Fashion
  • food
  • Free Speech
  • Gaming
  • Go Woke Go Broke
  • Government Spending
  • Gun Control
  • Hamas
  • Health
  • Illegal Immigration
  • Immigration
  • Jan 6
  • LGBTQ+
  • Lifestyle
  • Marxism
  • Media
  • Military
  • Movie
  • Music
  • National
  • Opinion
  • Politics
  • Racism
  • Radical Progressives
  • Religion
  • Riots
  • Russia
  • satire
  • Science
  • Second Amendment
  • Sexual Harassment
  • Social Media
  • Socialism
  • Sports
  • Supply Chain
  • Surgery
  • Taxes
  • Tech
  • Terrorism
  • The Great Reset
  • Transgender
  • Travel
  • Tyranny
  • Ukraine
  • Uncategorized
  • US Constitution
  • US News
  • US Supreme Court
  • Vaccine Mandates
  • Video
  • Viral
  • Voter Fraud
  • Voter ID
  • Western Civilization
  • Woke Supremacists
  • World

Site Links

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

About Us

DJHJ Media is an opinion and commentary source for conservatives everywhere.

  • About
  • Advertise
  • Careers
  • Contact

© 2022 DJHJ Media | Turbocharged by AdRevv.

No Result
View All Result
  • Home
  • Politics
  • Business
  • World
  • Get My Book!
  • Shop

© 2022 DJHJ Media | Turbocharged by AdRevv.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In