Biden will raise taxes, 'crater' stock market and economy: Kudlow

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Larry Kudlow: Economy isn't solely reliant on stimulus package

White House economic adviser Larry Kudlow believes the next coronavirus stimulus package needs to have targeted money and says the payroll tax cut, the additional unemployment and the student loan deferral will help the economic recovery.

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. That's crazy. 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."

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The policies Biden intends to enact, including raising taxes on individuals making more than $400,000 a year, would collect roughly $3.2 trillion over the next 10 years, according to an analysis by the Tax Foundation.

"The issue here is the significant left turn in Democratic policies," Kudlow said. "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. Why do you want to unwind that?"

In this July 28, 2020, file photo, Democratic presidential candidate former Vice President Joe Biden speaks at a campaign event at the William "Hicks" Anderson Community Center in Wilmington, Del. (AP Photo/Andrew Harnik)

President Trump's administration has touted his 2017 Tax Cuts and Jobs Acts, which adds an estimated $1.5 trillion to the deficit, although its long-term effects have not yet been ascertained.

Biden has supported raising taxes on corporations amid the coronavirus pandemic, which has stunted revenue for many companies, as well.

A new national survey indicates that Biden holds a 10-percentage point lead over President Trump among registered voters.

According to a Monmouth University poll released on Tuesday, the presumptive Democratic presidential nominee tops the Republican incumbent in the White House 51%-41%.

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Biden’s 10-point lead over the president is down from a 13-point advantage in Monmouth University's previous poll, which was conducted in late June.

Fox News' Paul Steinhauser contributed to this report.