The Middle Class Is Collateral Damage in Biden’s War on Wealth
The Middle Class Is Collateral Damage in Biden’s War on Wealth Jun 25, 2024 3 min read Key Takeaways What is being sold as a way to soak the rich will severely damage the average American’s ability to save for retirement. By disincentivizing saving and investing among those with the most resources, Biden’s war on wealth will reduce the nation’s total investment in the economy. Biden is promising to give a handout to major political donors at the expense of the middle class. Such is the difference between rhetoric and reality. Copied The Biden administration’s hackneyed talking point of “the rich paying their fair share” sounds appealing at first. Who could be against fairness? But there is nothing fair about a political agenda that punishes the middle class and lowers everyone’s standard of living—rich and poor alike. In his proposed budget for 2025, President Joe Biden plans to not only increase income tax rates across the board, but also radically change the rules g...