As Biden’s presidency continues, it’s become increasingly apparent that he is wholly . unconcerned about the economic wellbeing of our citizens. But what’s less apparent to most people is that he’s taking his cues straight from China’s president, Xi Jinping.
Over the last year, Xi has been targeting wealthy Chinese billionaires, such as Alibaba, for being too successful or not being as aligned with his Communist platform. Using tactics such as increasing regulation or restricting their abilities to do certain things, the value of many successful Chinese companies declined rapidly. Xi claimed that the billionaire businessmen were getting out of control and too powerful, and it was worth it to him to tank their companies to show that communism and being a good citizen was more important than their good fortune or the economic well-being of all individuals.
Biden is doing the same thing. What Xi did unilaterally, Biden needs to get passed in Congress. He is going after the billionaires even if it screws the little guy too. This is why he has consistently pushed to raise corporate rates, implement a global minimum tax, double GILTI taxes, and raise individual rates (which impacts millions of small businesses, by the way). Now this “Billionaire Minimum Income Tax” proposal is just another scheme to punish wealthy Americans to fund absurd government programs. Nevermind that it is purposefully misnamed — it affects more than just billionaires and taxes more than just income — in an effort to sell the idea to legislators and the general public.
Xi took down the economically successful men and women in his country to bolster communism and Joe Biden is following his playbook. He’s happy to punish the wealthy in order to make them more responsible citizens. Biden has repeatedly stated that his goal is a more equitable economy by ensuring corporations and high-income earners pay their fair share (though they are already paying far more than their fair share). Xi would certainly approve.