Watch Home Depot co-founder Ken Langone describe Joe Biden’s tax plan. Trump has got to hit Biden hard on this in the debate. There are not enough wealthy Americans to pay for Joe Biden’s insanity.
— Maria Bartiromo (@MariaBartiromo) October 21, 2020
Joe Biden’s tax plan will put middle class in ‘peril,’ Home Depot’s Langone says
Biden’s tax plan will ‘punish’ the middle class, not the rich, Langone says
By Fox News, October 21, 2020
Langone told “Mornings with Maria” on Wednesday that the middle class will feel the effects of Biden’s tax plan even though the former vice president has said the wealthy should pay more in taxes, and that the tax code should be more progressive and equitable. That includes eliminating loopholes that favor the rich and large corporations.
“I don’t know if there’s any of us that have done well that will have a problem with paying more taxes, but it’s a ruse to think that hitting us and us alone is going to get the job done,” Langone said.
“It won’t and the middle class will be in peril and when you take money out of the hands of the middle class, you do a dramatic impact negatively on the economy.”
“The middle class will not be exempt,” he added. “Tragically, it will punish them. It isn’t going to punish us.”
Biden would repeal changes made to individual income tax rates for the wealthy (individuals with incomes over $400,000) under the 2017 Tax Cuts and Jobs Act, which means the top rate would revert back to 39.6 percent, from 37 percent.
Another big change Biden wants to make is to tax capital gains at the same rate as ordinary income for households earning more than $1 million.
Currently, short-term capital gains are taxed at the same rates as income, but long-term gains are taxed at lower rates.
The top long-term rate is 23.8 percent.
“You aren’t going to get the revenue numbers by just taxing the rich,” Langone told host Maria Bartiromo.
“The only way a tax increase will generate revenues is to go after the middle class. That’s where the numbers are,” he continued, adding that “these people are being misled.”
“There is not going to be enough money generated from the so-called rich to take care of all the needs,” Langone went on to say.
He then stressed that “it is absolutely a fraud to suggest that all the money that’s going to be needed is going to come from the rich and the super-rich.”
“The problem is, when you go after the middle class, you begin to attack the backbone of the economy and we will have a bad recession. We will have a very bad recession,” Langone said.
He pointed out that Biden’s “pitch” is “based politically on the notion” that “we’ll get only the rich people” and the “middle-class people are going to be fine.”