Former Obama adviser Robert Wolf breaks down the president-elect’s economic plan on ‘Fox & Friends.’
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
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.
Transcript generated on 2020-11-09.