This is the Cato Daily Podcast for Monday, October 26, 2020.

I'm Caleb Brown.

There's not too much to like in the Joe Biden tax plan, according to Cato's Chris Edwards,

he argues that many of the tax hikes

that are supposed to be reducing the deficits well the assumption just isn't

realistic he also argues tax hikes on high earners and others could be enormously destructive to American

competitiveness.

Candidates are famously stingy with details about tax plans until often well into the election season and even then a lot of those

don't hold up once they take office.

What do we know at this point about plans for taxing and spending by Joe Biden?

Well, we actually know a lot. The Biden campaign has put out a lot of detail about both his taxing and spending plans.

So over the next 10 years, his spending plan would increase federal government spending by

about five and a half trillion dollars over ten years and he would increase taxes by by three and a half trillion dollars over ten years.

There's been lots of detailed modeling done on his plan and unfortunately these models are sort of often liberally biased or Keynesian biased.

They assume that spending is good for the economy.

And they sort of assume that taxes aren't too bad for the economy.

And so they actually find that this giant increase in

the size of the federal government wouldn't be bad for the economy in fact they

kind of find that the Biden plan would be good for the economy.

And here's a key assumption in all of these models you made read the results of in the

newspaper.

They assume that Biden's taxes would be gigantic

...