If Joe Biden becomes the president, taxes will go through the roof.

Personal income taxes will rise. Investments in the Stock Market – including retirement 401Ks – will drop because of higher taxes on corporations. The price of gasoline will skyrocket.

Biden wants Janet Yellen as his Secretary of the Treasury. That’s a huge mistake for the economy. Yellen is on record saying she opposes Trump’s Tax Cuts & Jobs Act, which reduce corporate taxes and personal taxes.

She wrote an opinion piece in the Washington Post saying there was no need for tax cuts.

But after Trump’s tax cuts, unemployment dropped from 4.1% to 3.5% before the pandemic hit. Black unemployment went down from 6.7% to 5.8% and Hispanic unemployment fell from 5% to 4.4%. More than five million jobs were created from December 2017 to February 2020. Median household income went up by $4,440 (6.8%) in 2019 – the largest one-year wage growth in American history.

Those good numbers disappear if Biden and “president-in-waiting” Kamala Harris successfully steal this election. They both promised to kill the Trump tax cuts “on day one.” That repeal would immediately cost a median-income family of four $2,000 a year in higher taxes.

And repealing those tax cuts means a resumption of the individual mandate tax from Obamacare. That would cost five million households up to $2,085 more in annual taxes.

Biden wants to double the top capital gains rate to 40% – which would be a dagger for economic growth. Biden wants a capital gains tax on when you leave an asset to your spouse or children.

Yellen wants a “carbon tax” of $40 a ton which means a 40-cent increase in the price of gasoline. This will hike natural gas prices and every product that is shipped. And she wants that to increase every year without a vote of Congress. (Even Hillary Clinton refused to endorse a carbon tax).

In other words, get ready to pay more to the bloated federal government.

If Biden gets in, the only hope will be the Republican majority in the Senate and that could be shaky.

The Americans who voted for Biden just didn’t realize the financial mistake they were making.