Higher taxes and a lower stock market will result from President-elect Joe Biden's relief stimulus package if passed, according to political strategist Boris Epshteyn on Newsmax TV.
Biden proposed a $1.9 trillion dollar relief stimulus package on Thursday to jump start the economy during the coronavirus pandemic. Exactly who pays for it hasn't been discussed.
"What they're going to try to do is do away with President [Donald] Trump's signature tax cut and deregulation," Epshteyn told host Grant Stinchfield on Friday night's "Stinchfield." "There's talk of getting rid of the cut of the capital gains tax, getting rid of the capital tax [altogether] and taxing everything at a higher ordinary income rate of about 40 percent. That is going to destroy business in America.
"Those who like the stock market nice and high, which it is thanks to President Trump, well get ready for that to go down by 10, 20, maybe 30 percent if they do away with these tax cuts that have boomed the American business, boomed the American economy, but Democrats, they don't care about that. They want to put out more giveaways in hopes to contain and control the House and Senate in 2022 and somehow keep the presidency in 2024."
Epshteyn, strategic adviser for the 2020 Trump campaign, said Biden's proposed plan likely will be well-received internationally, especially in China.
"Everything we've talked about for years now, with Beijing Joe is so great for the Chinese Communist Party," Epshteyn said. "We know that Hunter Biden went with Joe Biden to China and then received billions of dollars to manage even though he'd never managed any money before. We know Joe Biden is considered one of the best friends to China to ever hold office. And now, at least in name, he is the president.''
Epshteyn added that many people on Biden's transition team have been "on the payroll of many Chinese companies."
"Even Anita Dunn, who was named [senior adviser] today, has done work for China along with having done work for Harvey Weinstein," he said. "That is who Joe Biden is, it is who Biden's team is, it's extremely disappointing, extremely troublesome, and we have to stay vigilant to make sure that we fight for freedom and the defense of our country from our fiercest competitor, our fiercest adversary, China."
Important: See Newsmax TV now carried in 70 million cable homes, on DirecTV Ch. 349, Dish Network Ch. 216, Xfinity Ch. 1115, Spectrum, U-verse Ch. 1220, FiOS Ch. 615, Optimum Ch. 102, Cox cable, Suddenlink Ch. 102, CenturyLink 1209, Mediacom Ch. 277, Frontier 615 or Find More Cable Systems – Click Here.
© 2025 Newsmax. All rights reserved.