Biden Tax Plan: CEO's Admit Biden’s Tax Hike Will Slow Hiring And Cost Jobs

Despite the campaign promises to the contrary, the Biden tax hike is coming. For all of us.

President Biden promised that he would only increase taxes on the 'rich', as well as 'big business'.

Unfortunately after not one, but two, 'trillion' dollar spending bills, that's just not possible.

E.J. Antoni wrote a terrific piece about the true plan for the Texas Public Policy Foundation, and he talked about it with KTRH.

"You can't just go and print trillions and trillions of dollars, which is literally what we did last year to pay for all of this excess government spending, and hope to not see any detrimental effects" Antoni said.

If you recall, during the few times he was available for questions, Biden said repeatedly that the higher taxes would only hit those making $400,000 per year or more. Unfortunately, as one expert told us recently, "there aren't enough of those people to pay for everything." Translation? Everybody is is going to have to pay.

Corporations are going to be especially hit hard with a 33% tax increase. And as Antoni points out, when you say that you're going to tax big business? "Corporations don't actually pay taxes, that is an economic myth" Antoni said, adding "So what happens is we think we're raising taxes on some faceless giant corporate conglomerate, and in reality we're just raising taxes on ourselves, including the poorest among us."

So what does that look like? Well as we've already seen, prices are starting to sky rocket on food and gas, with experts warning of inflation.

And as far as your paycheck? Antoni says that will be hit as well "You're going to be less likely to get a raise, you're 401k is not likely to grow as fast, and if you're a customer you're going to pay higher prices."

According to Forbes, a new poll shows that 98% of CEO's believe the Biden tax plan is going to hurt their companies.

Antoni says after a feel good summer of people getting back out and spending their stimulus checks, the reality will likely set in next year.

And while a Biden tax hike may be shocking to some, Antoni says it should not be a surprise. "We were warned. When you have cancer and your alternative to dying is Chemotherapy, you should take the Chemotherapy, and unfortunately it looks like this last time around the American people voted for the cancer, and not for the cure."


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