Fox Business’ Larry Kudlow claims Biden tax policy is “DEI” and "racial warfare against white folks”
Former Trump administration economic adviser accuses Biden of creating a “race-based tax policy” and “taxing white people because they own more assets than people of color”
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From the April 30, 2024, edition of Fox Business’ Kudlow
LARRY KUDLOW (HOST): Joe Biden’s strong support for woke DEI policy — diversity, equity and inclusion — that his administration has inserted into virtually every aspect of American life and government, and of course these colleges. DEI is also the progenitor of the antisemitism virus that is spreading throughout American culture, including universities.
The basis of DEI in economic terms 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. In fact, 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 with good wages, 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. Well, yes, we know that, but we also know during the Trump years Hispanic and Black businesses prospered. Unemployment rates fell to record lows. Poverty declined significantly, and the inequality dropped for the first time in nearly four decades. In other words, lower taxes led to widespread prosperity. It had nothing to do with class warfare, rich versus poor, or the color of your skin, or any of these nutty policies coming out of the current administration.
You know, taxing success is gonna 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. And this race-based tax policy is utter insane.
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So, yes, Biden is proposing a five trillion dollar tax hike overall, which will punish the economy and raise the inflation rate. But when you look under the hood of this tax policy goals, you see class warfare, you see diversity, equity, and inclusion, 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 color-blind, and has made America the strongest country in the world.