Every time Joe Biden says something about tax policy, I have to go back and write another riff to rebut all of his falsehoods. I’m so tired of this game. Today in Scranton, Biden put out yet another phony tax talking-point paper with untruth after untruth. It’s pure class warfare. 

Millionaires are bad! Billionaires are worse! And if somebody makes a million bucks, some middle- or lower-income family loses a million bucks, but that is not how our capitalist economy works. 

It’s not a zero-sum game. As the late Congressman Jack Kemp said many years ago, in fact, borrowing from President John F. Kennedy, “a rising tide lifts all boats.” Incentives matter. If you encourage work and investment with lower tax rates, you will get more work and investment. As Art Laffer has said thousands of times: Tax something less, you get more of it. Tax something more, you’ll get less of it. 

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Economic returns after tax (and after inflation) matter for individual or business economic decisions. Biden’s latest so-called tax factsheet is just so utterly and completely wrong factually. I mean, it’s OK to have your own opinion about how the world works, but it’s not OK to make up your own facts. This whole Biden diatribe against Donald Trump’s 2017 tax cuts is wrong. 

I’ll just put out a few facts, because I’ve done this so many times and it’s a wearying exercise, but here it goes. For the entire Trump term, real weekly earnings for typical working-class families went up 9.2%. That’s for the entire Trump term. So far, under Biden’s three years-plus, they’ve fallen 4.5%. 

The biggest gainers from the Trump tax cuts were the middle- and lower-income earners, the bottom quintiles. In fact, the lowest 20% had the biggest gain. 

Then, poverty dropped all the way down to a record low of 7.8% under Trump. Under Biden, so far, it’s 12.4%. Unemployment for Blacks, Hispanics, Asian-Americans and women dropped to record lows under Trump. A recent National Bureau of Economic Research study showed that worker wages were the biggest beneficiary of the Trump tax cuts, and revenues over a few years actually broke even.

Biden is blathering on that corporations don’t pay taxes, only the wealthy benefited, the deficit expanded over $5 trillion, and on and on… None of it is true. 

By the way, no administration has given out as many tax credits and subsidies through the tax code as the Bidens’ Green New Deal and misnamed Inflation Reduction Act, which has kept the budget deficit at around $2 trillion a year and is one of the greatest corporate welfare slush funds in history and, incidentally, wealthy people living in the cities and suburbs on the east and west coasts screamed like stuck pigs when Trump lowered the SALT tax deduction to only $10,000, and that’s why the percentage income gains for the middle- and lower-income workers were higher than for the upper end. 

Meanwhile, Joe Biden wants to roll back all the Trump tax cuts and institute various wealth taxes on unrealized capital gains and other asset confiscation that probably comes to around $5 trillion in higher taxes, and Mr. Biden is still spending at a rate of 24% of GDP or more with massive additional spending plans if he ever gets re-elected. 

The inflation rate has gone up 19.4% since Biden took office and personal borrowing costs have skyrocketed. Another recent NBER paper suggests the actual inflation right now could be 7%, but putting all the numbers aside, think of it this way: Donald Trump cut taxes and the entire economy benefited. 

The bottom 20% benefited the most, but a rising tide lifted all boats. Today, the day after Tax Day, Joe Biden is out there in Middle America boasting about how much he will raise taxes. That means a falling tide will sink all boats. What a loser’s message! I’m sure this is not the last time I’m going to have to write this article. 

This article is adapted from Larry Kudlow’s opening commentary on the April 16, 2024, edition of “Kudlow.”     

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GMC is rolling out its all-electric Sierra pickup for the 2024 model year, and its first Sierra EV Denali Edition 1 will have more range than the automaker previously projected.

Both the interior and exterior of the new Sierra have been updated with a fresh look the automaker says “emphasizes the technology and craftsmanship of the truck.”

When fully charged, the EV Denali edition has 754 horsepower and a max towing capacity of 10,000 pounds. It will have a driving range of 440 miles, which is 10% more range than GMC said it would have when it was first unveiled.

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The pickup can go from 0-60 mph in under 4.5 seconds with Max Power mode.

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The Sierra EV Denali Edition 1, which will be available for purchase this summer, will also come with GMC’s diagonal drive feature, dubbed “CrabWalk,” which allows the vehicle to move diagonally at low speeds.

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Reservations for the new Sierra EV Denali truck, which has a starting price tag of $97,500, are full. However, GMC plans to roll out other Sierra EV pickups at lower price points, and folks can sign up on the automakers’ website to “stay in the know.”

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The National Hockey League announced on Tuesday that BODYARMOR is its new official sports drink.

BODYARMOR advertisements will be featured throughout NHL arenas beginning with the Stanley Cup Playoffs later this week to kick off the new multiyear partnership.

Players will be well-equipped with the beverage throughout their games and practices, and BODYARMOR Chief Marketing Officer Tom Gargiulo says it is the “perfect time” for the two brands to join forces.

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“It’s one of the fastest growing youth sports in North America, the fact that we just launched BODYARMOR up north in Canada is massive for us… And then I think it’s all around the growth of the sport,” Gargiulo said in an interview with FOX Business. “Since they moved to ESPN and Turner, they’ve seen massive increases in viewership, the fandom continues to grow younger and more diverse. This sport is going through a bit of a renaissance with the youth movement. It’s a perfect opportunity for us.”

Gargiulo understands that there are lots of rivals in the sports and energy drink business — so it’s understandable why they punched ahead of arguably the greatest playoffs in any sport.

“The fact that the category is becoming more fragmented, eyeballs are at a premium right now,” Gargiulo said. “It’s important for us to partner with athletes and sports properties and media partners that are going to give us an opportunity to get those eyeballs on our brand.”

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Of course, Gargiulo wants as many eyeballs on these playoffs as possible, so it’s understandable why he’d want some of the league’s high-market organizations to make deep runs. In any case, though, he’s a huge New York Rangers fan, who just won the President’s Trophy for the most points of the regular season. So, a nice run for the Blueshirts would be a win-win for him, personally.

But, he begrudges, “Networks and teams aside, we’re just looking forward to some awesome hockey and awesome viewership.”

BODYARMOR is probably best known for not having any artifical sweeteners or flavors in its drinks, with coconut water giving it a unique flavor. That’s why when they were trying to get Connor McDavid on board as a partner, they had to have an elite sales pitch.

Gargiulo said McDavid was “a little unsure about” becoming a partner, because the beverage hadn’t been made available in his home country of Canada (he also plays for the Edmonton Oilers). But after trying it out, he “fell in love.”

“BODYARMOR is unlike anything else out on the market today, and that was a big reason why I joined the team,” McDavid said in a statement. “They provide the best in hydration and have a ton of momentum lately with expanding to Canada — so teaming up with the NHL and NHLPA was a perfect next step, and I’m excited to be a part of it as the brand continues to grow.” 

Now that McDavid is on board, and the fact that a hockey fanbase is unlike any other, it likely provided smooth sailing for a deal with the league.

“It all goes back to our positioning of being real. Everything that we do is real – from the partners that we partner with, to the acts that we have in the market, no artificial flavors, no artificial sweeteners, we wanted to partner with a sport where the fandom is as good as it gets,” says Gargiulo. “You can’t get a more loyal fan than the NHL fan… Once they’re connected to the sport, they’re in it for the long run and are 100% committed to it. So for us, it just seems like a perfect fit.”

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