President Joe Biden’s administration is considering hiking the US corporate tax rate, Treasury Secretary Janet Yellen said on Tuesday, as it looks to pay for priorities like a forthcoming infrastructure plan.
“We’ve had a global race to the bottom in corporate taxation and we hope to put an end to that,” Yellen told the House Financial Services Committee, adding that Washington wanted to increase the rate to 28 percent.
Biden is expected to soon propose a massive infrastructure package aimed at helping the world’s largest economy create jobs and fight climate change as it bounces back from the Covid-19 pandemic.
However, unlike the $1.9 trillion American Rescue Plan Biden signed earlier this month that is intended to help businesses and consumers survive the downturn, the president is under pressure in Congress to offset the costs of the infrastructure package.
Certain actions are genuine, authentic truisms: We’re going to raise taxes on corporations. So they pay their fair share. Sounds good; get the greedy profit mongers to chip in more. But total falsehood.
But what actually happens is just like any other increased cost. Business passes it on to its customers. So John Q Public actually pays the freight, not the corporation which just passes it through.
All of today’s voters are to stupid to figure that out
“ President Joe Biden’s administration is considering hiking the US corporate tax rate…”
I’d like to know why you Douche Bags keep calling Joe Biden “President Joe Biden” when they know for a fact that the Democrats hijacked this election and Biden is clearly illegitimate and shouldn’t be occupying the White House.
Why? Because they are very weak just like approximately 95% of all Republicans. That’s right folks, 95% of all Republicans are weak COWARDS!
just like 15 an hour wage all good till the employer has to raise his prices to counter the money going out and when all said and done we are back to the same ratio as before