Today, Andy joined CNBC’s ‘Squawk Box’ with host Joe Kernan and Seth Hanlon, senior fellow for the Center for American Progress Action Fund to discuss Joe Biden’s distinction between ‘the rich’ and American’s making $400,000 or more for the presidential hopeful’s staggering proposed tax plan.
While Hanlon argued that those who make exactly or under $400,000 won’t see an increase at all and the main targets of this plan will be the top .1%, Andy argued that it simply won’t add up to meet Biden’s $4 trillion tax raise. “He’s [Biden] talking about raising taxes by $4 trillion so even taxing these wealthy people, you’re only going to come up with less than 25% of what you need to get to the $4 trillion number… Eventually, he’s going to have to tax people that make a lot less than $400,000 a year. In fact, if you look at people making $50,000 to $200,000 a year, that’s where the income really is; there’s $5.4 trillion in income, which is going to be a very tempting target for someone who is trying to spend $11 trillion, [over the next decade] so I think everyone needs to expect a tax increase,” stated Andy.
Click here if the above video does not load.