FOX Business host Larry Kudlow is sounding the alarm on President Joe Biden’s tax proposal and he believes it would crush average families.

“The Biden tax proposals, 3-$4 trillion in taxes. Individual tax hikes, corporate business tax hikes, and capital gains tax would go to 50% of foreign income by American companies, doubling from 10 to 21%. And if that weren’t bad enough, the plan would allow foreign governments, particularly the European Union, to figure out a minimum tax on American companies so we wouldn’t be deciding our taxes. They would be deciding our taxes,” he said to Fox News host Sean Hannity.

“The Tax Foundation priced this out — it will cost 800,000 jobs and also reduce GDP by over 2% yearly and reduce wages by nearly 2% a year and let me make that point as I have before. Biden’s Achilles’ heel has been the decline in real wages because prices have risen much faster than wages especially essentials like groceries and energy,” he said.

“This is an absolute killer. This tax plan would jack up taxes so much that middle-income folks, working folks, lower income folks. Again, Blacks, Hispanics, whites, you name it, they will be forced to lose even more income. The last point I want to make is under the Trump Administration typical families increase their income by $6,000, so far under the Biden administration families have lost over $2,000. That’s a big spread of eight grand, and that is going to be an affordability issue that is going to be a killer in this election,” he said.

A report from the Tax Foundation said that the Biden tax plan would cost around 800,000 jobs and it would “make the tax code more complicated, unstable, and anti-growth, while also expanding the amount of spending in the tax code for a variety of policy goals not related to revenue collection,” Fox News reported.

The changes to the capital gains tax would “push the United States beyond international norms,” it said.