Which brings us to the second problem with Biden’s payment plan.  He forgets that, although it makes good television to say that huge taxes on rich people and corporations will solve every single cash crunch in this country, in reality all that happens is that uber rich people find ways to wiggle around tax law…especially when, although the administration talks a big game about “closing loopholes” and the like, there was no meaningful tax reform to accompany these tax hikes. 

​

So, until that happens, uber rich people and their team of financial wizards will keep finding loopholes to exploit… as will corporations, as they also pass through any new tax expense to consumers and employees through higher prices and lower wages.

​