While political and cultural discord preoccupies much of the nation, an analysis from Americans for Tax Reform states this: “Joe Biden’s tax hikes may pose a greater risk to the economy than the coronavirus.”
The grassroots interest organization is so concerned about the presumed Democratic presidential nominee’s ideas on taxes that the group is tracking his record at a dedicated site, ATR.org/HighTaxJoe.
The organization notes that Mr. Biden’s policy would result in tax increases for small businesses, single parents and a typical family of four. He would also raise the corporate tax from 21% to 28% — making it the highest tax rate in the developed world, loftier than China’s 25%, Britain’s 19%, Canada’s 26.8% and Ireland’s 12.5%.
The tax group’s analysis was particularly inspired by in a new memo from David Kostin, chief equity strategist for Goldman Sachs, a leading banking, investment management and securities firm.
“Although the coronavirus has caused the sharpest decline in economic activity on record, in some ways tax policy represents a larger risk to earnings and consequently to equity prices,” Mr. Kostin wrote in a report to the company’s clients.
Both CNN and the Fox Business Network also took notice.
“A blue wave in November could wipe out the tax overhaul that padded Corporate America’s bottom line and set off a boom on Wall Street. Joe Biden, the presumptive Democratic presidential nominee, has proposed lifting the corporate tax rate to 28%. That would reverse half of the cut from 35% to 21% that was enacted by President Trump in late 2017,” CNN said in its report.
“A 2020 election win by former Vice President Joe Biden would lead to higher corporate taxes and take the wind out of the stock market,” Fox Business said, noting that Mr. Biden would partially reverse Mr. Trump’s Tax Cuts and Jobs Act, and enact “a higher tax rate on capital gains and dividends for the highest earners, and change in non-tax regulatory policies.”
AIR THE WHOLE THING
What’s this? The campaigns of Joseph R. Biden and President Trump agree on something? Well, sort of.
“We formally join Joe Biden’s campaign in their call for the national news media, particularly cable and broadcast television outlets, to carry Biden’s remarks and unscripted events in their entirety. The failure to expose the American people to these rambling displays of incoherence, ineptitude, and forgetfulness is depriving voters of a clear picture of Biden’s inability to execute the duties of the office he seeks. Stop protecting Biden. Air the events,” says Brad Parscale, campaign manager for the Trump 2020 reelection campaign.
FOR THE LEXICON
This phrase is from Roger L. Simon, a columnist for The Epoch Times and founder of PJ Media, who believes that the current political and cultural turmoil in the U.S. has been supported and nurtured by those who are under the impression that the radical protests of the 1960s against the Vietnam War and other events were noteworthy, entertaining and worth imitating.
He headlined his column “Why we’re in the mess we’re in,” by the way.
A MOMENT IN NEW HAMPSHIRE
Things have gotten politically complex in New Hampshire.
“Amid a crossfire of accusations about questionable timing, the Democratic-led Executive Council on Wednesday rejected Gov. Chris Sununu’s historic choice of a black businessman for the state Board of Education. Sununu said the 3-2 vote against Ryan Terrell of Nashua ‘shocked’ him. ‘Of all times to now potentially reject a candidate like this, I am shocked. I don’t know a better way to say it,’ Sununu said,” according to the Union Leader, a news organization in Manchester.
One councilman who voted against Mr. Terrell felt he had “no qualifications” for the job. Mr. Terrell, 29, has lived in New Hampshire for nine years and is a systems analyst who took an interest in school issues during a local educational conference. He hoped his own organizational skills could improve New Hampshire schools.
“He’s a systems analyst, which means he’s pretty adept at looking at organizations and figuring out what’s wrong, what’s right, something that’s probably sorely needed in education, wouldn’t you think?” Rogers Johnson, president of the Seacoast NAACP in Portsmouth, told The Associated Press, which also covered the situation.
“In this day and age, we should have learned from the recent events that just transpired, that perhaps we need to all come together, not as Republicans, not as Democrats, not as liberals, not as conservatives, but as people from the Granite State who want to do better for the people in the state. And what did they do? They made a choice based on politics for a person who is obviously qualified,” Mr. Johnson advised the AP.
ONE FOR THE PUPS
This item is included in case you are feeling jittery, melancholy, annoyed or tired.
As of Friday, voting is now underway in the 2020 American Humane Hero Dog Awards, which is featuring 21 heroic hounds from around the nation who work as service, search-and rescue, military, law enforcement or guide/hearing dogs — or dogs who currently reside in a shelter. Which one is the hero? Find the pups at HeroDogAwards.org.
“This unique effort brings attention to the life-changing, life-saving power of the human-animal bond — something that has been a core part of our organization’s mission since 1877,” said Robin Ganzert, president and CEO of American Humane.
The category finalists will be honored on the nationwide broadcast on Hallmark Channel in October.
POLL DU JOUR
• 44% of registered U.S. voters say statues of Confederate-era leaders should “remain standing”; 71% of Republicans, 40% of independents and 25% of Democrats agree.
• 32% overall say the statues should be “taken down”; 11% of Republicans, 30% of independents and 53% of Democrats agree.
• 23% overall don’t know or have no opinion; 18% of Republicans, 30% of independents and 22% of Democrats agree.
Source: A Morning Consult poll of 1,990 registered U.S. voters conducted June 6-7.
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