(ConservativeHub.com) – Democrats are known for their love of tax and spend policies, and Joe Biden is no exception to that rule. His most recent tax proposal could fundamentally destabilize the nation’s economy.
President Joe Biden has indicated that he wants to raise the corporate income tax rate from 21% to 28%. He has also discussed plans to close corporate tax loopholes and impose a minimum tax rate of 15% on private companies who report income levels higher than $100 million to shareholders.
These tax hikes will reportedly fund debt reduction and economic reconstruction efforts in the wake of the COVID-19 pandemic.
However, the nation’s leading independent tax policy group, the Tax Foundation, recently issued a report warning Biden’s plan would reduce the nation’s long-term economic output by nearly 1%. The report also predicts it would also eliminate nearly 160,000 jobs, reduce wages, decrease investment, and undermine America’s global competitiveness.
President Biden’s tax plan would raise approximately $3 trillion, while reducing the size of the U.S. economy, lowering after-tax income for taxpayers across all income levels, and resulting in 500,000+ fewer full-time jobs in the long run: analysis: https://t.co/OcoMaY9WBl pic.twitter.com/VCDVTKUKtp
— Tax Foundation (@TaxFoundation) March 15, 2021
The Western Journal addressed those issues in a March 15 analysis. It concluded that Biden’s proposed tax hike would create one of the “highest corporate tax rates in the world.”
With a current unemployment rate of 6.2% and the potential to round the corner on the pandemic early this summer, now isn’t the time to declare war on American companies and jobs.
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