One of Home Depot’s founders criticized Democratic nominee Joe Biden’s tax plan and said the middle class would suffer from it in a Wednesday interview.
The Home Depot co-founder Ken Langone alleged the Democrat’s plan would not have the desired effect on the wealthy and it would instead hurt the middle class in an interview on Fox Business’ “Mornings with Maria.”
“I don’t know if there’s any of us that have done well that will have a problem with paying more taxes, but it’s a ruse to think that hitting us and us alone is going to get the job done,” Langone said, according to Fox. “It won’t and the middle class will be in peril and when you take money out of the hands of the middle class, you do a dramatic impact negatively on the economy.”
“The middle class will not be exempt,” he continued. “Tragically, it will punish them. It isn’t going to punish us.”
Biden’s tax plan would raise corporate taxes by 7%, reducing the after-tax income of the highest-earning pool in the nation by almost 18%. The plan would also increase federal income tax on those who make more than $400,000 per year, according to CNN.
Langone also added that the federal government will not be able to extract substantial revenue from the rich and will be forced to increase taxes on the middle class, according to Fox. The hardware executive said those in favor of the plan “are being misled.”
“You aren’t going to get the revenue numbers by just taxing the rich,” he told Fox. “The only way a tax increase will generate revenues is to go after the middle class. That’s where the numbers are.”
“There is not going to be enough money generated from the so-called rich to take care of all the needs,” Langone continued.
The co-founder said he anticipates a recession if Biden’s plan becomes law. (RELATED: 50 Cent Endorses President Donald Trump After Seeing Biden’s Tax Plan)
“The problem is, when you go after the middle class, you begin to attack the backbone of the economy and we will have a bad recession. We will have a very bad recession,” Langone told Fox.
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