The Biden tax and spend plan is not totally unreasonable and certainly does not come close to the Sanders ideas. However, there are problems.
Most of his ideas require legislation, but more important there are long-term consequences. New entitlements are created, new long-term liabilities are created AND his proposed new taxes only impact Americans earning above $400,000 per year.
Analysts say those new taxes are insufficient to pay for his plans regarding health care, education, child credits, etc.
But there is more to the reality of promises and budgets and taxes. How and who will pay to make Social Security, Medicare and Highway trusts solvent, let alone answer the cry’s for higher Social Security and Medicare benefits?
The promise of more for the middle class and lower income Americans, all paid for by business (*) and five percent of Americans is false, unless you are willing to accept higher and higher national debt and its consequences affecting everyone.
(*) Higher taxes on businesses are simply higher indirect taxes on consumers.