White House economic adviser Larry Kudlow said on Wednesday that electing former Vice President Joe Biden will result in higher taxes and "crater" the stock market. "Biden is backing over $3 trillion in ... tax hikes. You are coming out of a pandemic, a contraction of historic dimensions, and he wants to raise taxes," Kudlow told "Varney & Co." "They will decimate energy, which will completely crater the economy and the stock market." "President Trump's tax cuts and deregulation and fair trade and energy revival gave us a splendid, fast-growing economy for three years and two months before the pandemic. Biden has supported raising taxes on corporations amid the coronavirus pandemic, which has stunted revenue for many companies, as well.

Source: Fox News August 12, 2020 18:22 UTC