LARRY KUDLOW: This would be economic suicide
FOX Business host Larry Kudlow shreds President Biden's economic policies, saying that the basis of diversity, equity and inclusion is "socialist class warfare."
Joe Biden's strong support for woke DEI policies — diversity, equity and inclusion — has led his administration to insert them into virtually every aspect of American life and government, and of course, colleges.
DEI is also the progenitor of the antisemitism virus that is spreading throughout American culture. In economic terms, DEI is socialist class warfare. Stick it to rich people. The rich oppress the non-rich. The fact that this is un-American and untrue is never a barrier to Biden's DEI agenda.
In reality, a rising tide lifts all boats. Successful earners and entrepreneurs create companies from scratch that can wind up hiring hundreds of thousands of people, paying them good wages, and offering fantastic economic opportunities, but the Biden budget has come up with this crazy idea of taxing White people because they own more assets than people of color.
So, Bidenomics seeks to raise the capital gains tax all the way up to 44.6% and the Janet Yellen Treasury Department points out that White families disproportionately hold assets.
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Well, yes, we know that, but we also know that during the Trump years, Hispanic and Black businesses prospered, unemployment rates fell to record lows, poverty declined significantly and inequality dropped for the first time in nearly four decades. In other words, lower taxes led to widespread prosperity.
This had nothing to do with class warfare, rich vs. poor, or the color of your skin — or any of these nutty policies coming out of the current administration. Taxing success will bring you less success. Taxing prosperity will bring you — wait for it — less prosperity for everyone, regardless of color.
Taxing White people will not help minorities. A falling tide will instead sink everyone. This race-based tax policy is insane, but wait, there's more!
The Bidens would love to confiscate wealth by taxing unrealized capital gains. That would be economic suicide, and it's probably unconstitutional, but wait, there's still more!
Biden wants to throw in with the G20 countries and set up a massive wealth tax — where millionaires and billionaires will be subjected to a 2% tax on assets, and I guess this stupid idea means that governments are going to look at successful people all over the world to find out exactly who they are and how much money they make and what assets they own.
This is a warrantless search if there ever was one, invading our privacy as well as degrading our prosperity and, by the way, since America is the wealthiest country in the world, we'd pay the most in taxes under this goofy plan and, one more: The Biden Treasury is still negotiating with the OECD countries for a minimum tax on corporations.
That would be principally American corporations, and this terrible idea would let foreign governments set the tax on American companies.
I remember talking about this with President Trump, who always said that only America can figure out taxes for American companies, not foreign governments. So, yes, Biden is proposing a $5 trillion tax hike, which will punish the economy and raise the inflation rate, but when you look under the hood of his tax policy goals, you see class warfare, you see "diversity, equity, and inclusion," and you see racial warfare against White folks and especially successful White folks.
This left-wing socialist woke approach is absolutely antithetical to traditional American values and the traditional ladder of opportunity that is colorblind and has made America the strongest country in the world.
This article is adapted from Larry Kudlow’s opening commentary on the April 30, 2024, edition of "Kudlow."