Commentary Anyone who believes the “rich” and large corporations will pay for $28 trillion in debt or the $2 trillion in new deficit has a real problem with math. Biden’s announcement of a massive tax increase on businesses and the wealthier segments of the population simply makes no sense. The tax hikes will have a significant impact on economic growth, investment, and job creation and don’t even scratch the surface of the structural deficit. Even if we believe the gross domestic product (GDP) growth and revenue estimates announced by the Biden administration, the impact on debt and deficit is negligible. So, what’s their response? That debt and deficits don’t matter because the key now is to spur growth, and the cost of borrowing is low despite rising debt. Furthermore, the Biden administration has been inundated by Modern Monetary Theory (MMT) proponents who passionately believe that deficits are good because they …