Picture the scene.
On the sidelines of the Conference of CLOWN (Centre Lefts of World Nations), normally held in the off season at Davos, but this year by video conference.
Australian politician and former shadow Treasurer Chris Bowen gets up and describes the tax increase policies he took to the 2019 federal election.
Then, flanked by Bernie Sanders and Alexandria Ocasio-Cortez, comes sauntering on his walking frame, Joe Biden. Biden, from under his CovMask, interrupts Bowen and mumbles:
That’s not a tax increase. This is a tax increase!
Biden then proceeds to describe the tax increases he proposes to take to the coming US Presidential election. Putting aside the self evident fact that Congress writes the US tax law and not the President, Biden presents his tax plan which:
would raise tax revenue by $3.8 trillion over the next decade.
Only $400 billion a year. Only. A tax plan which, which according to the Tax Foundation’s General Equilibrium Model:
would reduce GDP by 1.51 percent over the long term.
Only 1.51 percent. Only. and destroy 585,000 jobs. Only.