Biden will raise taxes on ‘everybody in America': Sean Duffy
New report finds tax increases could impact 60% of Americans
Biden’s tax hike will hit ‘everybody in America’: Former congressman
Former Wisconsin Congressman Sean Duffy argues the wealthy are not the only ones in the U.S. to see tax increases under the Biden administration.
Former Wisconsin Congressman Sean Duffy discussed a report from the Tax Policy Center that found 60% of Americans could see tax hikes under President Biden’s tax proposal on FOX Business’ "Mornings with Maria." He argued that Biden’s promise that only the rich will be taxed more is "the old lie."
BIDEN'S TAX PROPOSAL MEANS THAT 60% OF AMERICANS COULD PAY MORE: HERE'S HOW MUCH
SEAN DUFFY: When we looked at tax reform in 2017, it's very simple. If you raise taxes on the very wealthy, there's not that many of them and you don't bring in that much revenue. So the number might be big, but the number of people are small.
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If you want to raise revenue per the mind of a Democrat, you actually have to hit more Americans. You have to get to the masses. So you can raise taxes only by a little bit, but you hit a lot of people and therefore you think you bring in more revenue. That's what Democrats are doing.
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This is the old lie, you know, raise taxes on the rich, but really going to raise taxes on everybody in America, which is what Biden is going to do. I think you'd be well served to say let's actually lower taxes, get more growth and more money in people's pockets. They spend it better than the government.
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Biden tax hike could impact 60 percent of Americans, report finds
Former Wisconsin Congressman Sean Duffy and Payne Capital Management President Ryan Payne discuss a new report from the Tax Policy Center on how many Americans could be impacted by tax hikes under President Biden.