Report from anti-tax group warns that $3.5 trillion spending plan would hit economic output, hurt savings

A new report from a conservative anti-tax group is warning of a massive loss in economic output and a significant hit to middle-class families if the tax hikes that accompany a $3.5 trillion Democratic spending proposal is signed into law.

"Copying European-style fiscal policy will produce European-style economic weakness, particularly when considering that much of Biden’s new redistribution spending will discourage work and much of Biden’s class warfare tax increases will penalize saving, investment, and entrepreneurship," a new report by The Club for Growth says.

While much of the debate around the...