Tags: 2020 Elections | Coronavirus | Trump Administration | kudlow | biden | taxes | stock market

Kudlow: Biden Will Raise Taxes, 'Crater' Stock Market and Economy

By    |   Wednesday, 12 August 2020 06:34 PM

White House economic adviser Larry Kudlow warns that electing former Vice President Joe Biden will result in higher taxes and "crater" the stock market.

"Biden is backing over $3 trillion in ... tax hikes. That's crazy. You are coming out of a pandemic, a contraction of historic dimensions, and he wants to raise taxes," the veteran financial guru and former Ronald Reagan adviser told Fox Business Network.

"They will decimate energy, which will completely crater the economy and the stock market," said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

"The issue here is the significant left turn in Democratic policies," said Kudlow, who served as the Trump campaign's senior economic adviser.

"President Trump's tax cuts and deregulation and fair trade and energy revival gave us a splendid, fast-growing economy for three years and two months before the pandemic. Why do you want to unwind that?"

For his part, President Donald Trump says presumptive Democratic Party vice presidential nominee Sen. Kamala Harris, D-Calif., is the "most liberal person in the Senate." He added that if she's what the country wants, "we've got problems," but he'd be "surprised" if voters pick her.

"She wants to raise taxes," Trump told Fox News' Sean Hannity during a telephone interview Tuesday night. "She wants to get rid of your Second Amendment. No guns for protection, no nothing. She is very strong on the Second Amendment, getting rid of it. [She is] very bad to the military. She wants to cut the military. She wants to cut spending for the military and the vets."

Harris has also backed Sen. Bernie Sanders' call for universal healthcare, said Trump, but Americans "love their plan" and don't want it to be taken away.

"If you're going to socialized medicine, which is what she wants and supports strongly, that's what Biden wants ultimately," said Trump. He added that Biden won't have a choice because the "people that really control the party" want universal healthcare, and the former vice president "will never control the party."

Trump also warned that Harris embraces principles in the Green New Deal and claimed that could cost Biden's support in several key states.

"She's against petroleum. She's against fracking," he said. "So is Biden, and that means you can't win Texas. You can't win Pennsylvania, can't win Oklahoma and North Dakota, many states. And it also means your electric bills would go up literally by 10 times. It wouldn't be sustainable."

Meanwhile, investment guru Jeffrey Gundlach said he thinks Trump will win re-election because polls showing otherwise don’t reflect the true support for the president.

“Will Joe Biden beat Donald Trump in November? I don’t think so,” Gundlach said during a webcast Tuesday for his company’s closed-end funds. “I’d bet against that. I think the polls are very, very squishy because of the highly toxic political environment in which we live.”

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White House economic adviser Larry Kudlow warns that electing former Vice President Joe Biden will result in higher taxes and "crater" the stock market.
kudlow, biden, taxes, stock market, economy
Wednesday, 12 August 2020 06:34 PM
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