Biden pushing government greed with highest tax rate

 Fox Business:

The U.S. would have the highest personal income tax rate in the developed world under a White House proposal that would overhaul the nation's tax code in order to fund President Biden's signature spending plan.

The framework that Biden unveiled costs roughly $1.75 trillion ($1,750,000,000,000), which includes funding for universal pre-kindergarten, a one-year expansion of the child tax credit, a modified Medicaid expansion and clean energy tax credits, among other things. It relies on a 15% corporate minimum tax, surtaxes on the top sliver of U.S. households, stricter tax enforcement, taxes on corporate stock buybacks and higher taxes on U.S. companies' foreign earnings.

But the Biden team's proposal, which comes after months of negotiations among Democrats, would push the average top tax rate on personal income to 57.4%, the highest rate in the 38-member Organisation for Economic Co-operation and Development, according to a new analysis published by the non-partisan Tax Foundation.
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"As policymakers explore options to raise revenue, they should keep in mind how the U.S. compares to other countries and what the economic effects might be," the analysis said. "Raising the top marginal tax rate on ordinary income to the highest in the OECD will damage U.S. competitiveness. It will also reduce incentives to work, save, invest, and innovate, with broad implications for the U.S. economy."
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Raising the tax rate to these levels will be counterproductive and will reduce business investments which produce more jobs and actually create more revenue for the government as the Trump tax cuts showed.