Biden's tax scam! Joe claims his $3 TRILLION rate hike will help workers. But expert analyst DAN MCLAUGHLIN proves it would actually COST jobs, make inflation WORSE... and says desperate Dems are BUYING votes!

Meet the new Bidenomics, same as the old Bidenomics.

Joe Biden is trailing in the polls. Voters overwhelmingly believe he's too old for the job. Soaring inflation is crippling ordinary families. The border is wide open. Public safety is at an all-time low.

So, what was this administration's big, shiny idea for Thursday's State of the Union address?

Tax hikes and yet more government handouts!

Our 81-year-old President couldn't be less original if he was stumbling up Air Force One.

As he laid out ahead of next week's proposed 2025 budget, Biden's committing himself to a host of sweeping tax grabs that he claims will decrease the federal deficit by a staggering $3 trillion over the next decade.

Biden's committing himself to a host of sweeping tax grabs that he claims will decrease the federal deficit by a staggering $3 trillion over the next decade.

Ignoring for a moment that this administration may be on its way out, and that a budget as wildly make-believe as this would be unlikely to see the other side of Congress, the numbers are worth analysis – if only to highlight the sheer economic illiteracy and naked attempt at class warfare on display here.

The biggest headline is the raising of corporate tax rate by an eyewatering seven points to 28 percent – with the minimum up six points to 21 percent.

Firms would also be banned from recouping tax relief on their highest-paid employees' salaries – a move that the White House says would alone raise $270 billion in 10 years.

Then there's the new 25 percent minimum tax on people with wealth of more than $100 million – the so-called 'billionaire tax'.

'The days of trickle-down economics are over,' Biden squealed on Thursday. 'Wall Street didn't build America' – the unions did! Ha! This country had a middle class and Wall Street well over a century before we had unions.

But of course, as any high-school economics student knows, billionaire companies and their owners won't be the ones paying up.

Higher costs are always passed on to the consumer, driving up prices even more.

Despite Biden's insistence that 'consumer confidence is soaring', polls prove that inflation is still Americans' biggest economic worry.

The last thing anyone needs is to be paying even more at the supermarket and gas pump just so pride-bruised Joe can brag about sticking it to the big boys.

Worse, if US companies can't convince people to cough up, they'll fire workers, reduce wages, or simply relocate somewhere overseas with lower taxes, costing American jobs.

So much for protecting the working class!

The proposed tax on individual wealth is particularly nonsensical.

After all, most mega-rich people don't have hundreds of millions of dollars sitting in a sock drawer; it's tied up in stocks and bonds.

This seems sure to drive those investments offshore or dry them up. So, again, America loses.

Our economy has at least managed – narrowly – to avoid a real recession after the pandemic. The same can't be said of big economies like the UK.

Biden's now trying to take credit for that while simultaneously aiming to reverse any headway before the benefits have even been felt.

$3 trillion in extra taxes would deal a punishing blow to businesses large and small, the people who work for them, and the people who shop at them. This is economic lunacy – and it's anti-aspirational.

It's been tried and failed many times since Joe Biden was a kid in the 1940s.

None of it is new. But his droning insistence that the rich must pay their 'fair share' is an obvious attempt to deepen class-based resentment ahead of the election – and it's not a little hypocritical, considering his own $400,000 presidential pay packet.

It's also fairly shameless to throw such divisive stones when the Biden household is far from tidy when it comes to the IRS.

Like the tax hikes, the budget's promised handouts – apparently worth $765 billion over 10 years – are extensive.

Cuts worth $2,600 for 39 million families via 'child tax credits'. $800 for 19 million low-paid, childless individuals and couples. $5,000 for first-time home buyers.

This after forgiving $138 billion in student loans. And on top of a new program to start using Medicaid to pay rent and utilities for the mentally ill. It's almost like he's buying votes! And it's a sign that Biden is really worried about collapsing support among working-class and non-working voters.

Did he learn nothing from the pandemic – that pouring free cash into the economy only leads to disaster?

In the Bidenverse it's anyone's fault but his.

But the Democrats' favorite victims – the working class – aren't fools. Blame shifting and demonizing big business, enlisting the Cookie Monster to complain about the 'shrinkflation' – whereby companies subtly downsize products to avoid raising prices – won't fly.

If you need a Muppet to help explain away economic woes, you've probably already lost the battle to convince grownups you're talking sense.

These are the last gasps of a cornered administration that has run out of ideas.

'The issue facing our nation isn't how old we are, it's how old our ideas are,' Biden concluded his address on Thursday. 'You can't lead America with ancient ideas that only take us back.'

Indeed, he can't.