Larry Kudlow says America can’t afford Joe Biden
Joe Biden's plan 'defies common sense,' White House economic adviser says
White House economic adviser Larry Kudlow lays out why he thinks a Joe Biden presidency will undue all the prosperity President Trump has brought to America.
President Trump’s top economic adviser is warning the economy would be in deep trouble if presumptive Democratic nominee Joe Biden is elected in the fall.
Biden’s proposed ideas would reverse all the success President Trump brought before coronavirus hit, Larry Kudlow said on FOX Business' "WSJ at Large”.
TRUMP VS. BIDEN: STOCK MARKET WILL PICK THE WINNER
“We must, we must not go back to high taxes and high regulations, we must not do that,” he argued. “It defies common sense after this pandemic contraction.”
FOX Business' Charles Payne responds to the proposed economic plans of presumptive Democratic nominee Joe Biden and expresses his concern that the left is embracing socialism.
The former vice president has proposed $4 trillion in tax increases to pay for his economic proposals by reversing Trump’s tax cuts for high-income earners and increasing corporate levies.
BIDEN'S ECONOMIC SPEECH HIDES FAR-LEFT POLICIES THAT WOULD MAKE PANDEMIC ECONOMIC PERMANENT
Kudlow calls that move foolish.
“He's going to raise taxes on big business to small business and individuals and investments, cap gains and dividends,” he said. “It just defies common sense.”
President Trump alleges that presumptive Democratic presidential nominee Joe Biden copied him.
The Director of the National Economic Council says he’s not surprised by Biden’s position since he is being advised by liberal Democrats such as Sens. Bernie Sanders, I-Vt., Elizabeth Warren, D-Mass., and Rep. Alexandria Ocasio-Cortez, D-N.Y.
JOE BIDEN'S TAX RETURNS: THE 3 BIGGEST TAKEAWAYS
“I respect them, and they have a right to do what they’re doing,” he explained. “But Mr. Biden’s going to be raising taxes across the board and then some. He said yesterday or the day before he wants to end something called ‘shareholder capitalism.’ We used to call that the investor class and if you buy for the long run you make a fortune for retirement. He’s opposed to that.”
BIDEN PLEDGES TO ROLL BACK TRUMP'S $2 TRILLION TAX CUTS
So what are the president’s economic plans going into the election?
President Trump discusses the importance of funding police departments, the presumptive Democratic nominee Joe Biden's lack of leadership, coronavirus, the Supreme Court's decision on his tax returns and his second-term agenda.
“We’re planning on all of that right now,” he pointed out. “He's already said he won't sign a bill with Congress unless it has a payroll tax holiday in it. So that's a starter little appetizer leading into the campaign. There may be capital gains relief. There may be capital gains holidays. We will provide assistance probably for those at the lowest rungs of the ladder. You know, our policies helped low wage earners more than the highest wage earners. We will continue to revisit that. You're going to see much more deregulation.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
And what if the recent rise in COVID-19 cases gets even worse?
"The president will not re-shutter the economy. He will not," Kudlow stated emphatically. "And hopefully the governors won't either. I think we learned our lesson. You don't want the cure to be worse than the disease."
CLICK HERE TO READ MORE ON FOX BUSINESS