While President Biden totes his massive spending bill (one of several) he talks about the fact that it won’t cost the average American because they will be taxing the rich and large corporations. It sounds nice but ignores basic economics. First, there aren’t enough rich to pay the price for the spending they want. Second, the rich won’t pay it. They will hide their money in tax free accounts. That will take money out of circulation which would normally be used to create new businesses and expand old ones. Next, taxing big corporations would hurt the average American because businesses would pass the cost on to the consumer (you and me) in higher prices for goods and services. That would hurt the poor, the retired, and others on fixed incomes who wouldn’t get pay raises. The less business, the less taxes coming in. Lastly, increased revenue only fuels their desire to spend more so the added money won’t pay down the debt.