GREAT MOMENTS IN TIMING: Biden Pushes Massive Tax Hike on Workers as Recession Begins.

The best way to revive an economy as you head into a recession is to slap businesses and workers with a massive tax hike. Said no legitimate economist ever.

Yet that’s apparently the best plan President Joe Biden and Democrats in Congress can come up with. Their new so-called “Inflation Reduction Act,” which would do almost nothing to reduce inflation, also includes a $315 billion tax on businesses. This comes in the form of a 15% “minimum corporate tax” applied to major U.S. corporations.

Biden says that this tax will allow him to spend huge sums on green energy subsidies and tax credits and “pay for all of this by requiring big corporations to pay their fair share of taxes, with no tax increases at all for families making under $400,000 a year.”

Yeah, right.

While this may be literally true in the sense that Biden will levy the tax on corporations, in reality, it will burden everyday people the most. Most economists agree that much of the true burden of corporate taxes is borne by workers through lower wages. There’s some dispute about exactly what percentage is ultimately absorbed by workers, but even the most favorable, left-leaning analyses acknowledge that it’s a significant chunk. Meanwhile, most research says it’s the majority!

Or as America’s Newspaper of Record notes: Democrats To Try Bold Strategy Of Doing Exactly What Got Us Into This Mess In The First Place.

UDPATE (FROM GLENN): Why Team Biden might be purposefully grinding down the middle class.