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This episode of Whats Ahead points out how the tax proposals President Biden outlined in his national address will hurt, not help, the economy. If enacted, they will turn into political poison for the Democrats.

A doubling of the capital gains levy will shrink Uncle Sams revenue, as people will be more inclined to hold on to existing assets rather than sell them and pay so much of the proceeds to the government.

Raising the corporate tax to the highest level among developed nations will mean less money for expansion, which will shrink the economy.

The President wants tens of billions of more dollars for IRS audits of big companies and rich people, believing this will produce a bonanza in revenue. It wont. Those stories of wealthy individuals and corporations avoiding income taxes are almost always the result of legal strategies made possible by our incomprehensibly complex tax code.

The solution here is simple: Replace our hideous tax system with a simple flat tax. If you make it, you pay it.

Government revenues would go up.

Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.Steves newest project is the podcast Whats Ahead, where he engages the worlds top newsmakers,

Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.Steves newest project is the podcast Whats Ahead, where he engages the worlds top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steves signature views on the intersection of society, economic and policy. Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy and What We Can Do About It. Steves latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).Steve writes editorials for each issue of Forbes under the heading of Fact and Comment. A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.

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Bidens Tax Plan Will Be Devastating For Democrats And The Economic Recovery - Forbes