Steve Forbes, editor in chief of Forbes Media, warned of the consequences if former Vice President Joe Biden, the Democratic presidential nominee, is elected in November.
Forbes described the prospects for the economy as “disaster.”
“It would trash it,” he said. “It would be a disaster. This economy is recovering from those lockdowns. We’re making some good progress, but we’re still convalescing. Those taxes would dry up investment. This at a time when Chinese companies are becoming more competitive in high tech. We’re going to hurt venture capital and the like. And so down the line – and he’s also going to do away with the – he’s going to bring back some of the Obamacare taxes that the Republicans got rid of. So this tax increase is going to hit everyone.”
“When you have a lousy economy, that hurts people,” Forbes continued. “They can’t get way raises in wages, they don’t get jobs, they can’t get higher pay. So this is going to be an unmitigated disaster. And having 40%, for example, capital gains tax, we haven’t seen that since the stagnant 1970s. We’re going to hear a word again that we haven’t heard for 40 years, stagflation – inflation and a stagnant economy. That’s what Biden is going to bring with this program of higher taxes and higher regulation.”
Follow Jeff Poor on Twitter @jeff_poor
COMMENTS
Please let us know if you're having issues with commenting.