Higher taxes and a lower stock market will result from President-elect Joe Biden’s relief stimulus package if passed, according to political strategist Boris Epshteyn on Newsmax TV.
Biden proposed a $1.9 trillion dollar relief stimulus package on Thursday to jump start the economy during the coronavirus pandemic. Exactly who pays for it hasn’t been discussed.
“What they’re going to try to do is do away with President [Donald] Trump’s signature tax cut and deregulation,” Epshteyn told host Grant Stinchfield on Friday night’s “Stinchfield.” “There’s talk of getting rid of the cut of the capital gains tax, getting rid of the capital tax [altogether] and taxing everything at a higher ordinary income rate of about 40 percent. That is going to destroy business in America.
“Those who like the stock market nice and high, which it is thanks to President Trump, well get ready for that to go down by 10, 20, maybe 30 percent if they do away with these tax cuts that have boomed the American business, boomed the American economy, but Democrats, they don’t care about that. They want to put out more giveaways in hopes to contain and control the House and Senate in 2022 and somehow keep the presidency in 2024.”
Read more at NEWSMAX.