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March 17, 2021

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.

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Comments 1-3 of 3

  • Joyce M Cascio

    03/17/2021 05:49 PM

    This President has proved since day one, he does not care about the working class American family OR the breadwinner of each family! Ridding our citizens of good, high paying jobs went first! Now the tax increase HE PROMISED WHEN HE RAN FOR OFFICE will put a half MILLION other wage earners out of jobs! And this is what was elected OVER A PRESIDENT who put American jobs, Companies, and Country FIRST! How is that working out so far??????????


    03/17/2021 04:07 PM

    The Progressive Democrats said they would raise our taxes-take our guns - let anyone into our Country - Spend our money like a drunken sailor- just sit back and watch !

  • betty wilson

    03/17/2021 02:06 PM

    this will soon end on a dead end road and we will be taken over the the Communist Leftist Chinese government
    to who we own our borrowed money..we had all better learn how to bow and do as told or stand up and fight for our forever freedom that looks like is slowly leaving our nation..GOD BLESS AMERICA OUR HOME SWEET HOME..