The tax changes Biden proposes fall under three main categories: additional taxes on high earners, higher taxes on US businesses and more tax credits for a variety of taxpayers and activities
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An ex-World Bank chief has warned people that Joe Biden is planning to impose a "major layer" of tax hikes if elected at the November election.
According to the leader's 2025 budget, the tax changes Biden proposes fall under three main categories: additional taxes on high earners, higher taxes on US businesses and more tax credits for a variety of taxpayers and activities.
Speaking about this to Steven Edgington on GBN America, ex-World Bank chief David Malpass said: "I think Trump's concept of economic policy does benefit the country that was shown very clearly in 2017 and 2018, as the economy did very well.
"So repeating that would be good for Americans. And so what's the core of that? The regulations have to have to stop being so intensely promulgated there.
The bank chief warned the US president is to impose ‘major layer' of tax
GBNA
"There needs to be a step back. That's particularly true in energy. This is a giant potential resource for the United States, but not is not being utilized.
"Of course, President Biden will say we have record production of some kinds of energy, but that is not really the answer.
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"The question is, what could we be doing? And the reality is we could be producing a lot more energy, a lot more manufactured goods, a lot more across the board if there were better policies.
"So that's the core to have an economy that operates better through markets with more energy and more potential into the future, then we can turn to the taxes.
"President Biden is proposing major increases in taxes. Not only would he let the and cause the Trump tax rates to expire and go up, but then he would add a whole nother huge layer of taxation that discourages investment within the economy and discourages small businesses from hiring.
"They don't know what the tax environment will be. So I think it's a pretty clear differentiation of the two economic policies."
Speaking about whether mass migration is useful to the economy he added: "Finding a way to have controlled immigration where you're you're bringing in people that are needed by the economy, that people that can find a place within the economy that's useful and, and should be sought.
"Unfortunately, that's not at all what the policy has become. It's really been operating for 50 years, allowing access to people who don't have the skills to really benefit the economy.
"That's a minus for the economy. And I think there should be a fundamental change in the way we approach it."
David Malpass warned Americans
GBNA
The tax increases are part of Biden's election-year budget wish list.
It also includes new programs to assist low- and middle-income Americans with high housing and childcare costs and aims to cut the deficit.
Congress is likely to discard the proposals, but the document forms remain a central campaign message for Biden.