Former Trump economic adviser Larry Kudlow has warned that President Biden’s plan to raise taxes on the rich will spark a “class war” and send businesses packing their bags.
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Kudlow, who served as director of former President Donald Trump’s National Economic Council, said if Democrats got rid of the filibuster 60-vote rule, then they would force their “progressive legislative agenda” into the Senate.
“Most of these initiatives are anti-business. Lots of class warfare against the rich, ”he told John Catsimatidis on his WABC 770 AM radio show.
Kudlow said Biden for the first time at his press conference last Thursday signaled the filibuster “absolutely must change.”
High taxes “are not going to build an economy. You are not going to be competitive around the world. You are not going to take the investment home. You will delay the investment. Businesses will leave. The reversals will start again, ”Kudlow said on the show.
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“If we wage war on wealthy businesses and investors, it’s crazy. And this is part of this class war that will do a lot of harm to our economy and the stock market, ”he continued.
In his first solo meeting with the press since becoming president, Biden said he would be prepared to “face the abuse” of filibuster rather than scuttle it.
“I strongly support going in this direction,” he said last Thursday.
The president is expected to unveil his administration’s $ 3 trillion infrastructure plan that he touted during his presidential campaign this week and which could include the first glimpse of his tax proposals to help foot his bill.
He would consider increasing the capital gains tax rate for people earning more than $ 1 million per year and increasing the federal income tax rate for households earning $ 400,000 or more. more per year.
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The president also expressed interest in increasing the corporate tax rate from 21% to 28%.
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