(PatriotWise.com)- Joe lied. Again. Color me surprised.
But this time it was none other than a CNN fact-checker who called him on it. I guess a stopped clock is right twice a day.
Last week, President Joe Biden was on a publicity tear for his new American Jobs Plan which would set taxpayers back about $2 trillion.
Now, Joe has always played it a little loose with the truth, but it may be his memory this time.
Hyping up the proposal, Biden said, “And, by the way, you saw — you know, the — the last five leaders of the Fed coming out and saying – what’d they say? They said, ‘Biden’s plan is going to grow the economy.’”
Well, there’s just one problem with that. Only three of the last five Federal Reserve chairs are alive. Oops.
The most recent past chair, Janet Yellen, is Biden’s current Treasury Secretary. So, I suppose it’s safe to say she supports the plan. I’ll give him that one. But Ben Bernanke, the chair before her, now a fellow at the Brookings Institution, denied having made any statement—for or against—on the plan. And the other living chair, Alan Greenspan, has also been silent on it.
According to my math, that’s 1 for 5, or 20% correct. Well, at least you’re on the board, Joe!
All joking aside, the content of Joe Biden’s proposal is sure to require some heavy selling, even some exaggeration, to get it passed.
In order to pay for the massive spending, Biden’s proposal raises taxes like the corporate tax rate from 21 to 28 percent. It raises the top capital gains tax from 20 to 39.6 percent. Biden’s plan takes the top individual income tax rate from 37 to 39.6 percent. And it eliminates the like-kind exchange tax for real estate gains greater than $500,000—a feature of tax law for a hundred years.
But that’s just the beginning. Recall that candidate Joe Biden promised that those making less than $400,000 in a year wouldn’t see a tax increase. Already, that claim has been called into serious doubt.
For what it’s worth, Joe isn’t great with numbers. Ones get confused with fives. And people making less than $400,000 get swapped out for, uh, everybody.