(TargetLiberty.org) – A think tank has released estimates of government spending under both presidential candidates – and revealed Joe Biden’s plans would cost Americans around $4.3 trillion over the next 10 years.
Trump would cut taxes by about $1.7T while Biden would hike them by $4.3T, budget watchdog finds https://t.co/C4r55nRxnk
— FOX Business (@FoxBusiness) October 7, 2020
The Committee for a Responsible Federal Budget, a bipartisan nonprofit, has calculated what each candidate’s spending pledges mean for the federal deficit – and for taxpayers. Whoever wins, the deficit is likely to increase by several trillion dollars, but a vote for Biden looks like very bad news for taxpayers.
CRFB has calculated that Biden’s policies will cost a minimum of $3.65 trillion by 2030, and potentially as much as $6.6 trillion. Biden plans to raise revenue with a swathe of taxes on businesses and individuals, including hikes in income tax, capital gains and payroll taxes.
Another new study, by the Committee to Unleash Prosperity, estimates his tax and spend agenda will wipe out three million jobs and cut household income by up to $8,000 a year.
This is just one more reason why this year’s election is so important.
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