Ken Langone is one of the founders of national home improvement and hardware store Home Depot. He appeared on Fox Business’ “Mornings with Maria” and he criticized Joe Biden’s tax plan. He said that the plan, if enacted, would not have the effect on the wealthy that it is planned to, instead it would hurt the middle class.
He said, “I don’t know if there’s any of us that have done well that will have a problem with paying more taxes, but it’s a ruse to think that hitting us and us along is going to get the job done. It won’t and the middle class will be in peril and when you take money out of the hands of the middle class, you do a dramatic impact negatively on the economy. The middle class will not be exempt. Tragically, it will punish them. It isn’t going to punish us.”
Joe Biden has been firm that he thinks the “rich” should pay more taxes than everyone else. His tax objective is planned to increase corporate taxes by 7% and those who make more than $400,000 each year will have an increase in their federal tax. Langone said that despite the tax increases, the government will not be able to generate and maintain enough finances to survive and will inevitably have to raise taxes on the middle class.
He continued to say, “You aren’t going to get the revenue numbers by just taxing the rich. The only way a tax increase will generate revenues is to go after the middle class. That’s where the numbers are. There is not going to be enough money generated from the so-called rich to take care of all the needs.”
Langone mentioned the possibility of a recession if Joe Biden is elected and thinks that it would be likely. He warned of the dangers of going after the middle class. He warned that going after the middle class will only demolish the economy and country. “The problem is when you go after the middle class, you begin to attack the backbone of the economy and we will have a bad recession. We will have a very bad recession.
Sources: The Daily Caller, Fox Business; Photo-CNBC