Stephen Moore: Biden Tax Hikes A 'Wet Blanket' on Economy

The economy is in a "strong recovery" from the pandemic shutdown, but the Biden administration wants to throw a "wet blanket" on a hot economy with proposed tax hikes, says former Trump economic adviser Stephen Moore.

"You have to go back to the '70s to remember when tax rates would be as high as they'd be under the Biden plan," Moore said Sunday during an appearance on "The Cats Roundtable" on WABC 770 AM-N.Y.

"We're talking about higher taxes on capital gains income. We’re talking about higher small business taxes. We're talking about our corporate rate going up to one of the highest rates in the world. There is also an increase in the death tax. There is talk of a wealth tax.

"I think this is throwing a wet blanket on a hot economy."

Moore told host John Catsimatidis that locked down blue states like New York and industries like movie theaters and cruise lines are ready to get rolling again.

"If we want to get this economy booming again why would we be talking about $1 trillion or $2 trillion of higher taxes?" Moore lamented.

Despite the threat of rising interest rates and massive spending after President Joe Biden's $1.9 trillion spending package that passed earlier this month, Moore hailed the "strong recovery" the economic signs are pointing to.

"This is the worst possible time to be raising taxes on American businesses and investors and consumers; we need to let the economy grow," Moore said.

Democrats are taking about coming after the wealthy, but supply-side economics of the Trump administration has managed to help the U.S. economy boom before the pandemic.

Also, Moore said, the tax-hike sales pitch is pulling the wool over Americans' eyes. The tax hikes will ultimately trickle down to everyone.

"When they say we're only going to soak the rich, my line is, 'Everybody get an umbrella because they're coming after you, too,'" Moore concluded.

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