"For the sake of argument, let’s say that Biden was able to get his billionaire tax passed into law – would his record on poverty have been better? No. Because even if every dollar owned by America’s billionaires was confiscated by Washington, it wouldn’t amount to much."
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"Never trust a politician who promises to help the poor by taking from the rich. It never works. Joe Biden proved this point.
"While still in the White House, Biden promised that if reelected, he would levy a billionaire tax on the wealthiest Americans. It wasn’t the first time. During his 2023 State of the Union address, he railed that “the tax system is not fair, it’s not fair.” A year earlier, he proposed a “billionaire minimum income tax.”
"Even before he was president, Biden was fond of demanding that the rich pay their “fair share,” which makes a snappy sound bite but leaves open exactly what a “fair share” is and who gets to decide what rates are “fair.”
"Fortunately, Biden never got his billionaire tax.
"But he did succeed in making life more difficult for the poor. Both the overall and child poverty rates swelled while he was in office. The overall poverty rate grew by 40.2% from 2020 to 2024. The child poverty rate spiked by 38.1% over that same period.
" 'If you choose 2019 as your point of comparison, the increase in poverty under Biden is bad. If you choose 2020, it’s catastrophic,” says Jacobin magazine, which considers itself “a leading voice of the American left” that offers a “socialist perspective.”
"As it happens, 2019 was the year Biden told “rich donors at a ritzy New York fundraiser” that poverty was “the one thing that can bring this country down.” Salon said he “listed several new programs to help the poor that he would fund if elected.”
" 'We have all the money we need to do it,” he said.
"This is typical of Democrats. They have promised for the better part of a century that they will pull the poor out of poverty if they can just get their hands on more of other people’s money. Yet it never works that way. Biden and others can whine that poverty soared during his miserable presidency because they couldn’t raise taxes on the wealthy, but soaking the rich does nothing for the poor but hurt them.
"Our history clearly shows that when tax rates are cut, economic growth follows, and everyone, yes, even the poor, benefits. Economist Art Laffer, who drew that famous curve that “showed the relationship between tax rates and tax revenues” and helped shape Ronald Reagan’s growth-boosting economic policies, has made a career of explaining why this is." . . .
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