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Fox News Reports: President Biden Pledges to End Trump Tax Cuts

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Record highs following Biden’s inauguration. Joining us now to discuss what we can expect from the Biden economy is founding partner of macro trends advisor, rich, good to see you.

>> Good to see you as well.

>> So we saw the closing bell. The week was a mixed bag on Wall Street. What’s the takeaway?

>> This is the beginning of earnings, and we had companies like NetFlix reporting. Earnings season tends to be a rollercoaster ride and on top of that a new president takes office and policy agenda with a spate of executive orders. Taking the market a while to digest that, but ultimately they love stimulus. The market loves stimulus and the notion of more of it keeps the market afloat.

>> Let’s talk about Biden’s agenda, particularly tax policy. It’s the intention for the Biden administration to roll back 2017 tax cuts and the president was a little prophetic about that, take a listen.

>> I hope they don’t raise your taxes. But if they do, I told you so.

>> He would want to repeal parts of the 2017 tax cuts that benefitted the highest-income Americans and large companies.

>> On tax cuts, how could that affect the markets and then everyday Americans?

>> Well, Alicia, I think there’s a misnomer that is a big DNC talking point that the tax cuts and jobs acts from 2017 only benefitted the rich. That is not true. Every income band got lower tax rates. So, hopefully, it’s not politicized that way, but when you talk about corporations, I think the things we need to remember, it’s not the big corporations, most small businesses are their own corporation and the last thing we need is higher taxes on small business. And many small businesses may make more than $400,000 and they’re struggling to keep their businesses afloat. So every additional dollar those business owners don’t have or have to hire and reinvest in their business. I don’t think right now with a fragile economy higher taxes are the answer.

>> What small businesses, you talk about that 400 plus and what could hit small businesses, it’s like, on one hand, they’re getting their hand shaken and the other hand is getting smacked. They just can’t win. I want you to listen to what The National economic had to say about Coronavirus and small business. It’s a criticism of the former packages.

>> Too much of the support that has been dedicated to small businesses has left out the smallest businesses, mom and pop businesses that don’t have existing connections it the financial institution. I think in particular black, Latino, Native American-owned businesses.

>> You know, mitch, outside of that, a lot of small businesses are saying what’s really hurting them and not helping are all of these restrictions that keep them from running their business.

>> Yeah, and you know, just on the help from the previous package, there was 130 or 160 billion dollars of unclaimed paycheck protection program money so I think it’s a little rich to say that small businesses didn’t have the opportunity to get that money because they didn’t have connections, but it’s the reality is, more regulations, more taxes, are the things that hold back businesses. So, right now, I think we need to keep the deregulatory framework, keep taxes low and try to find targeted benefits for all small businesses to keep them going through this no-fault of their own period that’s going on right now.

>> Right, okay.

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