evidence: If you’re one of the millions of Americans struggling to save for retirement today, get ready for more struggle, at least if President Biden gets his way. He’s proposing a tax hike on savings that would mean a negative rate of return for many people after adjusting for inflation. [...] That’s why every American should be horrified that Biden wants to raise this tax to the highest rate in 111 years. Such a move would severely hamper people’s ability to save for retirement, and it would cripple economic growth. [...] Much of the White House’s proposed tax increases on investment will be hidden from view, but will nonetheless hamper your attempts to save and eventually retire. Biden’s proposed higher corporate income tax will be passed on, of course. Customers will pay higher prices, workers will receive lower wages, and investors (savers) will see lower rates of return.