President Joe Biden might have vowed not to raise taxes on Americans making less than $400,000, but everyday Americans "are feeling it" through what Trump economic adviser Stephen Moore has dubbed the "Biden Inflation Tax."
"We haven't seen inflation like this since the 1970s," Moore told Sunday's "The Cats Roundtable" on WABC 770 AM-N.Y.
"It's a tax on the lowest-income Americans. Biden keeps saying I'm not raising taxes on people making less than $400,000, but everyone who goes to the grocery store, every lower-income family that has to fill up the gas tank.
"They are feeling it."
Moore added to host John Catsimatidis "we have to nip this in the bud."
"I called this BIT: The Biden inflation Tax."
The relaxing of economy-crushing pandemic lockdowns are permitting Americans to get "back to work," Moore said, but inflation is a looming problem and the Federal Reserve Board should be "taking action."
[The inflation rate] just keeps climbing," Moore added to Catsimatidis. "With this latest report, I'm worried. And consumers are clearly feeling it.
"I don't understand why the Fed isn't taking action."
© 2021 Newsmax. All rights reserved.