In an exclusive interview with
Inside Sources,
Arthur Laffer, who as a member of President Ronald Reagan’s Economic Policy Advisory Board is credited with America’s economic boom in the 1980s, warned of the negative impact of tax hikes, especially on those in lower-income brackets.
“Raising taxes will especially hurt the poor and minorities who need jobs,” said Laffer, adding,
“It is more than bad policy; it is cruel.”
He says the principles of Bidenomics will slowly bankrupt the country if followed over the next few decades.
Biden’s oft-repeated campaign pledge not to raise taxes on anyone earning less than $400,000 is meeting the reality of his early presidential agenda. While Republicans criticize the administration’s handling of the southern border and some members of his own party clamor for immediate action on gun control, Biden is keeping his focus squarely on his $4 trillion dollar “infrastructure and jobs” plan, formally unveiling the proposal later this week at an event in Pittsburgh.