When candidates are making lofty promises to Americans, it is important to truly dive into the nuts and bolts of their proposed agendas and gather a deep understanding of those initiatives' fiscal impacts, particularly in the coveted "swing" states. The Battleground report, prepared by the James Madison Institute, analyzes the 2020 presidential election policy platforms in five swing states—Florida, Michigan, Ohio, Pennsylvania, and Wisconsin.
Unfortunately for states such as Wisconsin, subsequent reductions in capacity requirements have amounted to historic levels of pressure on state and local budgets. Estimates published by Moody’s have disturbingly confirmed the economic peril caused by the COVID-19 pandemic. The degree to which states can bounce back from the economic decline will largely be determined by the policies enacted by either President Trump or Vice President Biden following the November 3rd election.
According to the candidates themselves, the Biden-Harris economic plan includes increasing corporate and individual taxes for targeted programs, such as “Medicare for All,” public education, and “green” initiatives, among several other entitlement programs.
For this reason, Wisconsin taxpayers should be concerned that a Biden-Harris agenda will leave them in a worse off financial position, a terrifying thought given current conditions. It would be disastrous if states such as Wisconsin are enduring further economic hardship because of untimely and ill-suited policy proposals.
As stated in the 2020 economic battleground analysis:
“Overall, a Biden presidency would amplify U.S. states’ fiscal concerns. The higher proposed taxes under Biden’s plan would narrow the tax base, thereby decreasing potential revenue for states and weighing on economic outlook by discouraging private activity and investment.
Biden's healthcare plan, in addition to all other campaign spending initiatives, Wisconsin taxpayers would experience a six-fold increase in their federal tax obligation, with the cost per taxpayer jumping to $9,020, or $36,078 for a family of four."
Wisconsin and other battleground states must seriously consider the economic consequences at stake in 2020. Now more than ever, Americans need leaders who want less government. The last thing struggling Americans need is a wet taxation blanket thrown over a sluggish economy.