Exciting action there Jed Jedediah, thank you Jillian, while addressing the country last night President Elect Joe Biden briefly touched on the state of the economy. Our work begins with getting covid under control. We cannot repair the economy, restore our vitality or relish lifes, most precious moments, hugging our grandchildren, children, birthdays, weddings, graduations, all the moments that matter most to us until we get it under Control Jedediah. What are some of his economic plans and promises here to discuss Fox news contributor, former Obama, Economic Advisor Robert Wolf, Robert welcome to the show big day today we have a president elect weve, been following this election for a long time now. Here we are. I want to take a look at Bidens economic agenda with you to focus on the economy. If you dont mind well put that up on the screen for some people to see the repeal two thousand and seventeen GOP tax cuts raise corporate income taxes to twenty eight percent

raise minimum wage to fifteen dollars an hour. Seven hundred million dollar buy american plan. One of the concerns immediately for me is the tax plan and the concern that this tax hike will will apply to Apvast majority of people. Can you address that? For me, the Tax foundation said it would Biden Camp said otherwise, dig in on that Jed. You have to take a bit of a step back. If it is a GOP led Senate, anything legislative will have to be incredibly bipartisan. I think the chances of tax reform based on the original Biden Plan is highly unlikely. I think you may tweak around the edges on tax reform to reduce some deficits, but I think that what were going to see bipartisan, I know it has been an ugly name, but it will rear its head and do something I think extraordinary. I think well see a large

infrastructure plan, possibly around two trillion. My guess that is one of the few things that the GOP will approve using deficit spending, partly because infrastructure is the fastest multiplier of GDP, and it is also the best jobs promoter. The wages are much higher than minimum wage. With respect to tax reform, it is go ahead. Sorry, Jedediah yeah yeah. No, I want to hear from you on tax reform. Go ahead with respect to tax reform. Listen, it is clear. We have to pay for some of the things we need to do and Joe Bidens tax plan would raise about three dollars trillion in revenues. It wont touch anyone who actually makes under four hundred thousand, if you make from four hundred to eight hundred thousand. Actually your taxes go from twenty five to twenty five one, slash two percent, the ones who are getting Jedediah see. That is what he says not to interrupt, but I dont want to run out of time. I want to dig in on this. That is what he said during the campaign,

but that is not what was found by, for example, I you know said non partisan tax found takes. There are others Wharton study. There is a lot of studies that came out. That said, because youre raising the corporate tax rate, twenty eight percent is pretty high. That would affect individuals that make less than four hundred thousand dollars a year. One study showed it would affect up to eighty five percent of people youre, saying that his policy, you anticipate, will not affect the middle class in terms of tax hikes, correct correct. Actually, if you look at Moodys analytics, I saw the Wharton Research being a Wharton guy found quite interesting. It said the opposite. The Biden plan would gain seven million more jobs than trump plan. It would gain wages, reduce debt when put side to side. It was deemed a much better plan why business leaders were supportive of the Biden Plan with respect to corporate tax rates. Listen most people never thought it would go to thirty five to twenty one.

To begin with, going back to twenty eight is interesting compromise. That being said, it will be incredibly difficult to get structural tax reform done today. You have to assume that 50 50 chance or higher that it is GOP led Senate once again, infrastructure is the Mosby partisan thing you can get done. Deficit spending will get a bit higher Jedediah yeah yeah. I mean im looking at a little bit of different numbers when it comes to taxes, but remains to be seen right. I think the plans will be modified. A lot is depending the way the Senate goes. It will be interesting to see it unfold well, be here to talk about it.