Biden Corporate Tax Rate Hikes Would Devastate U.S. Economy

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As the current president, Joe Biden is deeply fixated upon ripping down as much work from the Trump administration as possible. This is reflected in the policies that the Biden administration continues to enact.

The Trump administration largely supported Keystone Pipeline due to its job contributions and allowance for energy independence; Biden, on the other hand, signed an executive order on his first day in office that shuttered the pipeline and put 11,000 Americans in the unemployment line.

“Tax Form” (CC BY-SA 2.0) by 401(K) 2013

Keystone Pipeline is just one example, though. At virtually every turn, the Democrat president has moved to please the far-left while rejecting countless opportunities to work across the aisle with Republicans.

Now, Washington Examiner confirms that Biden’s plans for the U.S. corporate tax rate will not only contrast with Trump’s, but also cause irrevocable harm for so many Americans.

The U.S. Corporate Tax Rate Under the Biden Administration

The Tax Foundation has some troubling news about the corporate tax rate that will exist under the Biden administration. Throughout the current president’s 2020 campaign, he vowed to hike the nation’s corporate tax rate to 28%; this marks a 7% increase from the 21% corporate tax rate that existed with Trump in the White House.

According to the Tax Foundation, a 28% corporate tax rate would kill 159,000 jobs, drive down wages by 0.7%, and trigger an 0.8% reduction in long-term economic production. Each of these adverse impacts would subsequently begin happening within one decade of the 28% corporate tax rate’s implementation.

One of the first signs of the impacts would begin with companies having to lay off their workers. William McBride, a top official of the Tax Foundation, furthermore warns that increasing costs for corporate businesses will block these enterprises from rehiring people.

Amid massive layoffs due to coronavirus lockdowns, rehiring Americans is paramount for the recovery of the U.S. economy.

Getting the Economy Back on Track Under President Biden

Based on the current leadership in the White House, getting the economy back on track under this administration is looking like a taller and taller order each day.

A lot of the onus is falling on Republican governors to make decisions that are best for their states. Florida is a great example of how the powers of state leadership are becoming more impactful due to the Biden administration.

What do you think about Joe Biden’s plan to raise the U.S. corporate tax rate? Let us know down below in the comments section.

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