Former Vice President Joe Biden, the presumptive Democrat nominee for president, said “it’s time for Corporate America to pay their ‘fair share’ of taxes.”

That policy caused Sen. Bernie Sanders, a devout socialist, to say it would “make Biden the most progressive president since FDR.”

Biden wants to reverse all of President Trump’s tax cuts. Those cuts are one of the big reasons why the Stock Market blossomed under Trump (before the pandemic).

Looking at Biden’s scheme, Goldman Sachs projects it would reduce corporate earnings by at least 12%. It would strip almost $10 per share off estimated S&P earnings.

That is enough to make stock prices tank.

At least one estimate is that Biden’s plan would reduce the value of the average stock by 25%.

That’s twenty-five percent!

Biden is following the lead of the socialist policies that drive the majority of the Democrat Party. They believe that is it wrong for rich people to have more money than poor people. Biden thinks a great way to punish the rich is through confiscatory taxation.

It’s class envy.

More than half of the people in America own stock, mainly through their retirement plans. Biden would instantly strip away a fourth of the value of those portfolios for social giveaways like Obamacare, free college, etc.

Punishing corporations with higher taxes will place more burden on the middle class. The big bucks for government is not with the rich – who are adept at avoiding taxes – but with the middle-class.

A Biden presidency would end the Trump economy and deepen the pandemic economic woes. It’s a shame this won’t be honestly examined by the liberal news media.