Former President Trump‘s White House economic adviser Larry Kudlow questioned Biden‘s attempt to double the capital gains tax on Sunday (March 28) on AM970’s “The Cats Roundtable” in New York. He called it a “crazy” move.
Kudlow emphasized the “significant intent” of the Democratic effort to raise taxes. He called the Biden Administration‘s wage war on U.S. businesses and tax hikes “insane” (nuts).
“If they get rid of the congressional ‘filibuster,’ then a lot of the legislative agenda will pass,” Kudlow told show host John Catsimatidis. “And of course, Republican Senate Minority Leader Mitch McConnell (R-Ky.) will fight that.”
Kudlow talked about how McConnell and other Senate provisions could be used to slow down the train. “But I think it’s a big deal, and this is the first Time I’ve heard President Biden really adamant about the need to change the ‘hurdle process.’ He’s been lukewarm about it before, but now to me, he’s very eager to change it. And it’s up to the Republican Party to put a stop to it.”
He added, “Most of the starting points in Biden’s economic policies are anti-business practices. Many of (the policies) were a fight against the rich class …… and raised the capital gains tax, doubled the capital gains tax. So, yes, it’s a big deal. I think that was one of the main points that was raised in the (Biden) press conference.”
Kudlow said raising taxes “is not going to build the economic system.” “You (businesses) will not be competitive in the world,” he said. “You (businesses) will not bring Home investment. You (businesses) will refuse to invest in the U.S. because taxes are too high. Jobs may disappear again in the United States. Companies will leave. The reversal will start all over again. It would be crazy if we waged war on corporations and wealthy investors. That’s part of the class struggle, and it will be very damaging to our economy and to the stock market.”
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