Mike Faulkender, AFPI Chief Economist, discusses the Biden Admin’s call for trillions in new taxes.

Mike Faulkender, Chief Economist at the America First Policy Institute (AFPI), recently appeared on Fox Business to discuss the Biden Administration's proposal for trillions in new taxes. Faulkender highlighted that the Biden Administration's approach targets the wealthiest individuals and largest corporations, emphasizing the need for them to pay their "fair share." However, Faulkender argued that the current tax code, shaped by the Trump Administration, already sees the top 1% of earners contributing 45% of all income taxes—the highest share ever recorded. He criticized the narrative that only the rich benefited from the Trump tax cuts, citing data from the New York Times and the Census Bureau, which showed that 65% of all taxpayers received tax cuts and household incomes rose significantly under Trump’s economic policies. Faulkender warned that if the Biden Administration's tax proposals and spending spree continue, it could exacerbate the national deficit and economic instability. He noted the importance of reducing government spending and simplifying the tax code to foster economic growth. Faulkender expressed concern over the potential expiration of Trump-era tax cuts in 2025, stressing the need for a balanced approach to fiscal policy that promotes prosperity for all Americans.