As the presidential race enters its final stretch, Vice President Kamala Harris promises a new direction. Unfortunately, she has already signed onto some of President Biden’s worst tax policies and will likely carry the torch as these policies continue to hurt taxpayers and the economy.
In stark contrast to the Trump administration’s emphasis on cutting regulations and reducing the size of the federal government, the Biden administration has made the administrative state bigger than ever. Biden’s tax policies are the latest example of this trend, with one of his signature taxes being so large and confusing that the Department of the Treasury recently published 600 pages of regulations to attempt to explain it. The corporate minimum tax that is covered by the recent regulation was part of the Inflation Reduction Act, signed into law two years ago after a crucial tie-breaking vote from Vice President Harris.
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