Well, that didn’t take long: President Biden is pushing for a big tax increase, a rise in the corporate tax rate from 21 to 28 percent, with a 15% minimum tax “on the book income” for big companies. This is on top of the personal income tax hike he wants to put on people making over $400,000 a year.
While this “sock it to the rich” class rhetoric sounds good to some voters, it’s the type of punch that misses the target, circles back and hits you in your own teeth.
Biden’s corporate tax hike would give the US one of the highest corporate tax rates in the world, making the US less competitive with other nations and once again incentivizing companies to move overseas and take their jobs with them. Not to mention having to raise prices for their products, so we’d all get to pay for it.
The Tax Foundation analyzed the effects of Biden’s tax hike. You can see the details at the link, but here’s the gist: it would raise $3 trillion in federal revenues, but it would reduce the size of the US economy, lower after-tax income for all Americans at all income levels, and result in over 500,000 fewer fulltime jobs over the longterm.
Biden wanted to reverse all of Trump’s policies, and he certainly is. Trump was the pro-jobs, pro-border security, anti-abortion President, and Biden is the pro-abortion, anti-border security, anti-jobs President.