The infrastructure bill is barely infrastructure. Only $650 billion goes to roads and bridges with $80 billion of it going to the failed AMTRAK. The rest goes to the enormous welfare state and the Green New Deal.
IT’S A TRAGEDY
The bill is helping the government take over the free enterprise and private companies, replacing them with central planners. That is where Biden is going and it “will have grave consequences for the economy,” Larry Kudlow said, adding, “It’s a tragedy.”
Biden lied about the tax cuts, claiming the benefits went to the wealthy. Larry Kudlow said nothing he said about the Trump tax cuts is true. In fact, the biggest benefits went to the middle and the lower income. The lowest 25% did the best under the cuts.
According to Kudlow, Biden’s business plan will have “disastrous effects.” Biden is raising the corporate tax rate to 28% and then you have to count the state and that brings it to 33%. China is 25% just to give you an idea of who will benefit. We also have a minimum tax of 15% here at home and a minimum tax abroad of 21%. Then you have a doubling of the capital gains and once integrated with corporate tax, it comes to almost 70%.