GOP strategist Karl Rove predicts more than half a million jobs lost due to Biden tax hikes

Federal spending continues to trend higher after President Joe Biden signed another huge COVID-19 relief bill into law earlier this month.

As a result, the White House has acknowledged that the situation will require a round of tax hikes, prompting longtime Republican strategist Karl Rove to warn all Americans that they should be concerned.

“The value of everything manufactured”

During a Fox News Channel appearance on Tuesday, Rove said that Biden’s tax proposal would put more than 500,000 Americans out of work.

Furthermore, he told host Martha MacCallum that the nation’s gross domestic product is on track to decline by roughly 1.6%.

Explaining the ramifications, he said: “That is to say, we’ve got like a $21 trillion-plus gross domestic product, the value of everything manufactured, made and sold in the United States, and it would be [reduced by] roughly $300 billion in the first year.”

Last week, Bloomberg cited one source within the Biden administration who said the corporate tax rate would increase from 21% to 28% while taxpayers earning more than $400,000 annually would see their rates increased.

Other reported hikes include an increase in capital gains taxes for those with an income of at least $1 million, an expansion of the estate tax, and a reduction in certain business tax credits.

“That would raise $230 billion”

Making matters worse, the assurance that tax increases would only impact the wealthiest Americans appears to be based on misleading claims.

In a recent ABC News interview, Biden said that those making less than $400,000 would not “see one single penny in additional federal tax.”

A short time later, however, White House press secretary Jen Psaki clarified that the threshold actually applies to households, not individual income.

The president has admitted that Republicans are likely to oppose his move, but he nevertheless expressed confidence that he could force through such legislation based only on the support of his own party.

Biden said that he “may not get” GOP support for a tax increase but said he could count on “the Democratic votes” to get it done, adding: “If we just took the tax rate back to what it was when Bush was president — top rate paid 39^% in federal taxes — that would raise $230 billion.”

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16 Responses

  1. Don’t believe a word coming out of the lying democommunists pieholes. Before it is all “said and Done” EVERYONE’S Taxes will go up. THAT is what democommunists do TAX and SPEND and repeat …Why can’t you people out there that continually vote for these corrupt scum, keep on voting the same way, and hoping for a different outcome THAT NEVER HAPPENS?
    The communists are now FRAUDULENTLY voted into power, and everyone in this country will suffer, and “free and fair ” elections will never happen ever again.

    1. I agree with you and I pray that we can take back the house and senate in 2022. Just hope and pray they want destroy our country before we get it changed!!!

  2. Let’s review the history. When tax rates what they were under Presidents Bush and Obama, we had a stagnant economy. President Trump lowered the tax rates and viola’ we had a booming economy, which brought MORE in federal revenues than before. It’s a 2-way phenomenon. We have more money in people’s pockets, so they can afford to buy more in the market place (which they did) which generated more jobs, so fewer people were unemployed, which reduced the amount going out from the government. It’s not difficult. The math being used by Biden is way off base. He obviously does not understand the dynamics of economics.

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  4. These people have been lying all their life. They are so used to being the elites, that when they got called out, they blew a gasket. I dare them. Most are from California and New York. Would they give up one of their expensive things to help the needy? Doubt it. They want the poor to give them something to keep their elite status. Ninety Nine Percent of the country actually works hard. They are the one percent that thinks everything they say or do is right. God is in control, not them. This life is temporary. This body dies. I am going to Heaven. Where are they or you going?

  5. Biden truly believes Americans are suckers. It’s not all about the “Party”, it’s the hatred he shows to one individual only, and his followers.
    That’s how you run a Country, right Joe?
    Take credit for the good things and emphasize what you think is bad. You, and your Party are superficial plastic People and it is sickening to watch.

  6. What’s shocking about fools !!! True Americans had better band together and get this administration gone before it totally destroys America !!! Hasn’t enough damage been done ??? What is it going to take – America taking a plunge to third world country !!! America – wake up before it’s to late !!!

  7. People on SS are not getting a raise, but everything else has gone up a lot. How are they suppose to live? Gas for one, took a large rise.

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