Economist Steve Moore, associated with the Heritage Foundation, has raised concerns about President Biden’s proposed tax rates if re-elected.

On “Mornings with Maria,” Moore criticized Biden’s trillion-dollar budget for 2025, which includes $5.5 trillion in new taxes.

He highlighted several proposed increases, such as nearly doubling the capital gains tax rate, implementing a 25% minimum tax on high-net-worth households, and raising the corporate tax rate to 28%.

Moore also criticized Biden’s plans to tax unrealized gains, using the example of a farm’s value increase to illustrate potential issues, Fox Business has reported.

Moore argued that while inflation has decreased, prices remain high, and criticized Washington policymakers for being out of touch with everyday economic realities.

Written by B.C. Begley