Greedy Biden wants to raise corporate tax rate making US uncompetitive
President Biden is pushing a $1.9 trillion COVID-19 spending package which he claims will boost the economy. But a new study warns that one other key policy Biden has proposed would hurt the economy and have at least three major consequences for workers.
The president wants to raise the corporate tax rate from 21 percent to 28 percent. He argues that this is about making Big Business “pay it’s fair share” and raising revenue the government can use to help people.
Yet a recently-released report from the right-leaning Tax Foundation concludes that this would make the US corporate tax rate, federal and state combined, a whopping 32 percent, the highest among developed countries. The tax experts warn that this policy change would “harm U.S. economic competitiveness and increase the cost of investment in America.” As a result, the researchers found that Biden’s proposed corporate tax hike would shrink the overall size of the economy, reduce wages, and eliminate 159,000 jobs.
“President Biden’s proposed tax hike would reduce American economic output during a time when we need to maximize economic growth to reach our country’s pre-pandemic growth trend and return to full employment,” the report concludes.
There is more.
Trump reduce the corporate rate and inspired an economic boom which led to greater income for workers. Democrat economists are just too greedy for tax revenue for their vote-buying scheme.