(ConservativeInsider.org) – Most people like to keep the majority of the money that they earn. This drive for success is what fuels American innovation, creativity, and our economy. But, in a head-scratching move, President Joe Biden announced his plan this week to raise taxes on US corporations to compete with China’s ever-growing power.
On Wednesday, March 31, the White House released their fact sheet about Biden’s “American Jobs Plan.” It highlights how Biden plans to redo our infrastructure by jacking up the federal corporate tax rate from 21 to 28 percent. It would raise other various forms of taxes on corporations and do away with incentives that former President Donald Trump put in place to keep jobs and intellectual property on our shores.
On the same day, President Biden spoke about how his plan will create millions of jobs, but he strayed away from the effect taxes will likely have on the economy. The Tax Foundation digs into the full details of Biden’s plan here:
President Biden's #AmericanJobsPlan looks to increase the federal corporate tax rate to 28%, which would raise the U.S. federal-state combined tax rate to 32.34%, higher than every country in the OECD, the G7, and all our major trade partners and competitors including China. pic.twitter.com/JDiE3UkDcL
— Tax Foundation (@TaxFoundation) April 1, 2021
How will these enormous taxes help the US remain competitive in the global market? They won’t. Thankfully, though, tax policies must go through Congress so, ensure your voices and votes are heard in the upcoming midterms.
Copyright 2021, ConservativeInsider.org