President Joe Biden’s plan to increase corporate tax rates as part of the updated Tax Cuts and Jobs Act could destroy 159,000 jobs. The Tax Foundation reported the news as the proposed tax hike moves through Congress.
The Tax Foundation published the impact of the proposed increase from 21 to 28 percent and a 15 percent minimum tax “on the book income” for large corporations. The change would give the nation one of the highest corporate tax rates in the world.
“An increase in the federal corporate tax rate to 28 percent would raise the U.S. federal-state combined tax rate to 32.34 percent, highest in the OECD and among Group of Seven (G7) countries, harming U.S. economic competitiveness and increasing the cost of investment in America,” according to the Tax Foundation’s statement.
Many Americans have not spoken out on these corporate tax changes, unconcerned about the changes on larger companies. However, the tickle down losses with the plan are significant. In addition to jobs losses, salary increases could be delayed or decreased.
In addition, the plan seeks to raise taxes on Americans making more than $400,000 per year. The move appears to follow through on Biden’s campaign statement that, “If you make under $400,000, you will not pay a penny more in taxes when I’m president.”
A further concern in the report included a push back on American-made business. “The tax would potentially undermine current-law investment incentives as well as those proposed by President Biden, such as the ‘Made in America’ tax credit.” In contrast with former President Trump’s America First policies, Biden’s plan would further decrease American-made incentives.
Who benefits the most under these changes? The American government and foreign governments making products for Americans — primarily China. The bottom line means more taxes for Biden’s liberal spendfest and additional opportunities for his Chinese business friends to increase revenues in the nation.
U.S. unemployment currently stands at 6.2 percent. This number has decreased, but remains well above pre-pandemic numbers under the Trump economy.
In addition, gas prices have risen 30 percent per gallon since Biden has been in office. A gallon of gas rose above $3 in nine states over the past week.
As more Americans fight for employment and pay more for fuel and other products, the need is not for policies that end more jobs. America’s deserves leadership that truly supports Americans above China, and prioritizes hard-working citizens over political paybacks.
Imagine if Biden’s entire $1.9 trillion COVID-19 stimulus bill was 100 percent focused on the American people. Instead, the bill was more than 90 percent pet projects, leaving most Americans with enough money for a latte or maybe a weekend getaway.
America cannot tax itself into a pandemic recovery. The nation needs legislation that will help its citizens increase quality jobs, not taxes. The clock is ticking toward the 2022 midterms. If conservatives respond strongly enough, Republicans can win back the House and maybe the Senate, allowing more say into the nation’s future.
Back to “you didn’t build that business” to “it ain’t your money anyway”.
Communism tells you what you can keep of your hard earned wages by how they value you.
We are headed for the new slave states of America by telling everyone what they should be allowed to keep as theirs so the communist democrats can give our hard earned money to who they feel is worthy of our labors.
It seems leftists don’t understand a simple fact, Businesses don’t pay taxes, their customers do. Added taxes will mean one of two things, either the price of their product will go up to cover the tax or the company will move their operations to another country.
Sad Trump kept business with tax reduction many jobs were held on to many thanks to this day for company staying
and jobs saved. Biden will destroy that with tax . Why won’t that man help america?. Enemy number one.
Taxing, 15$ dollar minimum wage, dumbing down school curriculum, flooding job markets with illegals are all good ways democrats gut American job markets. Democrats are striving to bring the U.S. down to third world s… hole status as observed in incompetent run blue states.
And then they do more of the same to bail out the failed blue states and invite in more illegal votes.
Anyone else see the demoscum dictatorship form of government forming now? Next passing federal control of voting guarantees a one party government in perpetuity. Welcome to the communist states of America.
If you make under $400,000 a year you will supposedly not pay a penny more in taxes. Your income less than $400,000 is likely to go away, however, because your job will be eliminated or your employer will go under or leave the country. Your business may very well disappear, and if you do have any money it will evaporate in Zimbabwe-type hyperinflation. This in addition to what you will have to pay to defend yourself and family from crime waves and riots, and what you will have to do to get food and shelter when shortages develop. It is the same old “luxury tax” story, which is a part of why this dictatorship must be brought down. Biden delendum est!
I don’t believe for a minute Dementia Jo is running anything. Nothing more than a Puppet Clown. But you are correct,
Hyper Inflation is on the way. The super rich will move their Industries to China, and those who stay will pass on any additional taxes back to the consumer. The Communists in the White House will have America Dis-Armed, with no way to defend themselves. There will be no Medicare, Social Security, Welfare. Only the crumbs they will give you.
It’s coming, and coming fast .
100% correct. They stole the Presidency, now they will destroy America.
The DemonRats are all about the destruction of current America. Their reconstruction is clearly going to be “The Haves, and the Have nots”, One percenter’s will control everything, and I mean everything. Today they are busy dreaming up ways to keep themselves in power, tapping your bank account, Draining Social Security, and Bankrupting Medicare. There will be no welfare. America needs good paying jobs to keep all these going.
Even a third grader should be able to figure this out.
We’re turning into Venezuela, thanks to the Democrats.
and this IS what was voted for!!! Congratulations you ignorant dimocrats!!!!!
Hasn’t Biden destroyed enough jobs already, in his dementia based brain fog.
He is working under the guise of the messiah and the messiah is laughing up his sleeve as he is destroying America.
AGREED
High corporate taxes is what led to companies outsourcing work. That’s why virtually everything in our homes has a “made in China” label. Trump was able to pull back much of this and it has taken only a few days for this bag of scum to destroy our progress in that area. Biden is getting the blame for all this, but he barely knows what is going on – it is his handlers (Susan Rice?) who are pulling the strings. 21 states have sued Biden over the cancellation of the pipeline but they are just getting started. When unemployed Americans begin getting handouts from the government, they will have us where they want us – dependent on the government.
Ronald Reagan said the scariest words are, “Hello, I’m from the government and I’m here to help you.”
First of all, bumbling Biden is NOT running the country, but these are many of his ideas. However, I believe it is some shadow group that is running things. Maybe Obama? Maybe Soros? Maybe a group of Democrats? I don’t know, but I know it is not dementia Joe! As far as the tax plan. It has long been the Democrats rhetoric that the “rich” don’t pay their “fair” share. But what does that mean? The rich pay more taxes than the poor, simply by virtue of making more means no matter what they pay, they pay more. And Corporations pay more than anyone, from tax on profits, to payroll taxes, to taxes on goods and services to taxes on real estate and other holdings (like vehicles). But many corporations, during the Obama years, decided that it was cheaper to move their companies to foreign soil, than to stay and pay higher taxes. Many of them were on the verge of coming back, but I imagine, that just like the Keystone Pipeline, the border wall, and all the gas and oil jobs, that will not happen now that the Democrats have stolen their way back into the White House. I feel bad for our children, because things had been looking up, but now, the value of the dollar is plummeting and the value of their paycheck is shrinking.
Just shows the democrats will promise you anything to get elected and then either do the exact opposite of what they promised or nothing. Look he said would help college students who had loans they couldn’t pay but his executive order is only for black students attending black colleges. Help small farmers his executive order only helps black farmers, not White, not Hispanic, and not Asian only black. He held true to his party promise to get elected and then do nothing and now it looks like he will walk away and leave us with Harris who couldn’t even place well in the Democratic primaries which mean most democrats did not like her but she because Biden fooled people into voting for him may soon be are new president and in the above comments it talks about communism well that is what she truly is so are you happy you who voted for Biden have just tanked America and her freedoms