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Economist warns Biden's budget proposal is a 'fiscal atrocity': The 'worst budget I've seen'
Biden’s budget is a ‘fiscal atrocity’: Steve Moore
Former Trump senior economic adviser Steve Moore blasted Biden’s proposed ‘tax and spend’ budget, arguing it would kill the economy, stifle growth and crush investors on ‘Cavuto: Coast to Coast.’
Reacting to new details out of President Biden’s proposed federal budget, Senate Democrats and a Trump-era economist warned the president’s fiscal plan isn’t going to work.
"I've been in this business for 35 years, and I would have to say this is a fiscal atrocity," best-selling author and former Trump administration economics adviser Steve Moore said Thursday on "Cavuto: Coast to Coast." "It's probably the worst budget I've seen in terms of what its impact would be on the economy, it would be a killer."
After initially missing his February deadline, Biden is expected to tout budget policy details at an event Thursday evening in Philadelphia. The White House released information beforehand that the budget includes tax increases totaling $5.5 trillion and scraps oil and gas subsidies, FOX Business' Grady Trimble reported.
Tax reform details reveal a 25% billionaire tax on households worth more than $100 million and an increase in the corporate tax rate from 21% to 28%. There’s also a capital gains tax raise to 39.6% from 20%, and a quadrupling of the corporate stock buyback tax.
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The proposals are unlikely to garner support in a deeply divided Congress and face almost certain rejection from Republicans who won control of the House last year.