Joe Biden’s Tax Plan will drop U.S Household income by $6500.
This report explores the potential impact of Democratic presidential candidate Joe Biden’s proposals on the economy as a whole. We conclude that in the long run, Biden’s agenda would reduce full time equivalent employment per person by about 3 percent, the capital stock per person by about 15 percent, real GDP per capita by more than 8 percent, and real consumption per household by about 7 percent. Relative to the CBO’s 2030 projections for these variables, this suggests there will be 4.9 million fewer employed individuals, $2.6 trillion less in GDP, and $1.5 trillion less consumption in that year alone. Median household income in 2030 would be $6,500 less.
Don’t let the Mainstream Press lie to you. They want you to believe that Joe Biden is only going to tax the rich. They want you to believe you will be better under Biden. The truth is that you will be poorer. The truth is that America will be poorer.
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri two years ago at the age of 19. Since its founding, it has gotten over 2M pages views and over 20k followers. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions.