Economist warns Americans over Biden’s potential tax hikes: 'Scary'

Biden proposes $7.3 trillion budget for 2025

A Trump economist is sounding the alarm on Biden’s potential tax rates if the president is re-elected in November.

During an appearance on "Mornings with Maria" Thursday, Heritage Foundation economist Steve Moore called the tax rates under Biden "scary" as his trillion-dollar budget for 2025 includes $5.5 trillion in new taxes. 

"I mean, look at the capital gains tax rate. That would almost double under Biden," Moore warned.

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As part of the budget proposal, Biden called for a 25% minimum tax rate on households worth more than $100 million, raising the capital-gains tax rate, quadrupling the corporate stock buyback tax to 4%, raising the corporate tax rate to 28%, increasing the Medicare tax paid by wealthy Americans, implementing a global minimum tax on multinational corporations and closing the carried interest loophole used by private equity and hedge fund managers.

"I have to give Biden credit, he's actually telling people he wants to raise taxes through the roof," Moore told FOX Business’ Maria Bartiromo.

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