Biden raising taxes would be ‘risky political move’: Former Clinton adviser

Biden’s proposed tax hikes would ‘scare’ market: Former Clinton adviser

Former Clinton adviser Mark Penn argues that the U.S. could jump from the biggest tax cut to the biggest tax hike in history under President Biden.

Former Clinton adviser Mark Penn joined FOX Business’ “Mornings with Maria” to weigh in on the Biden administration’s tax plans and relationship with the media, suggesting that the president's initiatives aren't under the same media scrutiny as former President Trump's.

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MARK PENN: “You’re in the middle of a pandemic, in which the leading economic spokespeople for the administration just said that we have a long way for recovery. So obviously a big tax increase is not a formula for economic recovery. So it's a risky political move to do a tax increase…until the economy is on a stable and strong footing.

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Right now, the administration started out with a decent honeymoon — the public likes Joe Biden. I think they're waiting to really see more of him in the upcoming press conference that's been long delayed. I think that the administration should perhaps tread carefully here. The stimulus bill got passed — almost 2 trillion — but they're going to try to put 2 to 4 trillion, the largest tax increase in history. The Democratic moderates may not go along with it. The border is raging; there's an embarrassing China meeting…this could be a short-lived honeymoon unless the administration slows down a bit, and accumulates political capital here.

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I don't think this administration has faced sharp questions so far. Will we have a real press conference where the president is asked tough questions about China, about taxes, about immigration? Or will it be, you know, softball questions? I think the public really wants to see the President stand up under full questioning on what he's doing and what his plan is. And I just don't know yet whether we're going to see that.”

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