President Joe Biden is pushing Congress for a higher corporate tax rate to reform the Tax Cuts and Jobs Act of 2017, but some experts are concerned about the impact that would have.
The Tax Foundation analyzed the effects of what would happen if the rate increased from 21 percent to 28 percent and a 15 percent minimum tax “on the book income” for big companies were introduced.
This would be a significant increase from the cuts made as a result of the act, which slashed the corporate tax rate from 35 percent. In fact, the hike would give the U.S. one of the highest corporate tax rates in the world.
While many people brush off corporate tax hikes as not impacting average people, they may be sorely mistaken.
The Tax Foundation estimates that 159,000 jobs would be lost as a result of the hike in the long term, along with wages and economic output taking a slight hit.
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
Corporations will just pass the tax hike on to the cost of their products. Why doesn’t anyone understand this?
LOL, yeah, pass it along until it’s too expensive and no one will buy it…. LMAO
So interesting that Dynamic Joe insists how much he supports small business. Since it’ obvious they have been decimated by the Wuhan Red Death prohibitions. Not Amazon, Home Depot etc…. they have done OK. Small business has had it’s butt kicked. So …. what does that idiot Biden and his buddies in congress want? Highest taxes in 30 years. And who will this impact? Small business primarily will be the most severly impacted. Thanks Joey and thank you Idiot Lefty democrats. Sigh………………………………..
Biden is so against America, I just wish really bad that he would go to China and live, since he loves it so much.