Stephen Moore: Biden, NY Tax Hikes Double Whammy on the Dollar

Stephen Moore: Biden, NY Tax Hikes Double Whammy on the Dollar Stephen Moore: Biden, NY Tax Hikes Double Whammy on the Dollar Stephen Moore, speaks at the Conservative Political Action Conference 2020 . (Samuel Corum/Getty Images)

By Eric Mack | Sunday, 25 April 2021 03:01 PM

The talk of President Joe Biden raising taxes along with New York City is a double whammy on the dollar as the world's top currency, according to former Trump campaign economic adviser Stephen Moore.

"New York just raised its income tax rate to 15%," Moore told Sunday's "The Cats Roundtable" on WABC 770 AM-N.Y. "Cuomo signed that into law. New York is now going to be one of the most expensive places in terms of taxes to do business, as the financial capital of the world.

"I think because of these big tax increases in New York and also federally, we are putting in jeopardy financial leadership we provide for the rest of the world. And it puts the dollar at risk as the world reserve currency."

On the Biden capital gains tax hike proposal, Moore also considers it a double whammy on investors, because the investor and the corporations are both paying increased taxes if Biden gets his way.

"What the hell is Joe Biden doing with all these new tax increases?" Moore asked host John Catsimatidis.

"If you tell those people, 'Oh, by the way, if you actually make money, the government is going to take half of it away in taxes,'" Moore added. "Who is going to invest in the start up businesses? Who's going to start the new Walmarts? Or the new Googles?

"The Biden plan would raise the tax on investment to over 50%," Moore continued. "I think that's bad for jobs. I think it's bad for small businesses. And I think it's bad for America."

Despite the bad news coming, Moore does see good news on the economic revival from the global coronavirus pandemic lockdowns.

"I'm feeling good about the economy right now," Moore said. "The good news is we now have almost 80% of senior citizens that are vaccinated.

"You're going to see this summer really good news on the economy as we get those businesses reopened," he added.

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