Presumptive Democratic presidential nominee Joe Biden's pledge to raise corporate taxes would kill any economic recovery from the novel coronavirus and cause stagnation, former Republican presidential candidate Steve Forbes told Newsmax TV on Thursday.
"It just goes to show if he becomes president and the Democrats take Congress we're going to have economic stagnation far worse than what we've had in recent times," Forbes told "Greg Kelly Reports."
"We're starting to make a recovery, but we know experience that high taxes always, always lead to less economic growth and job creation. It takes away capital. It takes away the incentive to invest."
Forbes was responding to Biden's call to raise the corporate tax rate from 21% to 28 during a June 30 conference call with donors.
It is a claim he has made previously.
Forbes said President Donald Trump lowered the corporate tax rate because the U.S. had one of the worst business tax rates in the world, which drove investment overseas.
He said Biden was never the moderate he is portrayed as by some and the Democratic Party's socialist tilt will drive him left.
"I think you can see where that's going to lead," Forbes said. "Elizabeth Warren. Bernie Sanders, an avowed socialist. This is not going to have a happy ending if they get in the White House."
Important: See Newsmax TV now carried in 70 million cable homes, on DirecTV Ch. 349, Dish Network Ch. 216, Xfinity Ch. 1115, Spectrum, U-verse Ch. 1220, FiOS Ch. 615, Optimum Ch. 102, Cox cable, Suddenlink Ch. 102, Mediacom Ch. 277, or Find More Cable Systems – Click Here.
© 2021 Newsmax. All rights reserved.