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Biden’s Corporate Tax Hike Higher than Communist China’s, Laborers to Bear 25% of Burden

 
Coastie Patriot
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09/15/2021 12:50 AM

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Biden’s Corporate Tax Hike Higher than Communist China’s, Laborers to Bear 25% of Burden
Democrats are looking for ways to pay for their $3.5 trillion spending plan, including raising corporate taxes.

President Joe Biden’s original plan was to increase the corporate tax rate to 28 percent, up from 21 percent, though the figure has been revised slightly lower to 26.5 percent. The proposed rate is higher than Communist China’s corporate tax rate for perspective and would reportedly be the largest tax increase since 1968 “compared to the size of the economy and the largest tax increase ever in nominal dollars,” Americans for Tax Reform reported. According to the advocacy group:



This tax increase will be passed along to working families in the form of higher prices, fewer jobs, and lower wages. This will give the U.S. a combined state-federal rate of 30.9 percent, higher than our foreign competitors including China, which has a 25 percent corporate tax rate, and Europe which has an average rate of 21.7 percent.

Studies from a variety of sources have shown how increased corporate taxes directly fall onto laborers. On Tuesday, the Joint Committee on Taxation (JCT) confirmed that corporate tax hikes decrease workers’ wages.

“Literature suggests that 25 percent of the burden of the corporate tax may be borne by labor in terms of diminshed wage growth,” JCT Chief of Staff Thomas Barthold said while testifying before the House Ways & Means Committee.

Rep. Mike Kelly (R-PA) told Barthold to clarify himself once more, asking: “Who is going to bear the brunt of this [corporate income tax hike].

“Labor. Laborers,” he answered.



Americans for Tax Reform even cited the left-of-center Tax Policy Center, which found that “20 percent of the burden of the corporate income tax is borne by labor.”

The advocacy group argued that raising the corporate income tax rate will “hit Americans with higher utility bills as the country tries to recover from the pandemic,” among other drawbacks. Increases to everyday costs ultimately fly in the face of Biden’s promise [again] not to tax any Americans making under $400,000. The group claimed:

Customers directly bear the cost of corporate income taxes imposed on utility companies. Investor-owned electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. Therefore, if Democrats raise the corporate tax rate, they will have voted to raise utility bills.

The proposal of corporate tax hikes has met criticism from both sides of the aisle

[link to www.breitbart.com (secure)]


I HAVE SAID IT SEVERAL TIMES, THOSE IN CHARGE NO LONGER CARE ABOUT THE AMERICAN DOLLAR AND THE AMERICAN PEOPLE.

ONCE THEY COLLPASE THE ECONOMY YOUR DOLLARS ARE WORTHLESS, INFLATION RUN RUNS RAMPANT AND WE BECOME ANOTHER VENEZUELA.
WHATEVER YOU HAVE WILL BE IT.. IF THEY LET YOU KEEP THAT. THEN YOU GET WHATEVER THEY ALLOW YOU TO HAVE!!!!!




NO SHOTS FIRED, THE CHINESE NEED AUSTRALIA AND AMERICAN LAND TO SPPORT THEIR PEOPLE.
Coastie Patriot
SIC SEMPER TYRRANIS

THE SAME PEOPLE WHO SAID NO GUNS BECAUSE OF POLICE NOW WANT TO DEFUND THE POLICE!!!!

Dr Thaddeus They
They don't really care whether the truth gets out, because the public no longer knows what's meant by "the truth."

Well, I mean, no one can tell the difference anymore between what's real and what's fake.

Anyway, the point is, I can tell you all of this, right out in the open, because it doesn't matter who knows about it. They won't know whether to believe it or not.-
X Files: Lost art of Forehead Sweat

A gun is a tool, Marion, no better or no worse than any other tool, an axe, a shovel or anything. A gun is as good or as bad as the man using it. Remember that.
-SHANE-

Jefferson Smith: You see, boys forget what their country means by just reading The Land of the Free in history books. Then they get to be men they forget even more. Liberty's too precious a thing to be buried in books, Miss Saunders. Men should hold it up in front of them every single day of their lives and say: I'm free to think and to speak. My ancestors couldn't, I can, and my children will. Boys ought to grow up remembering that . - MR Smith Goes To Washington-

to grow up remembering th

My oath to support and defend the constitution against all enemies foreign and domestic has no expiration date!!!

Ten Bears : It's sad that governments are chiefed by the double tongues. There is iron in your words of death for all Comanche to see and so there is iron in your words of life. No signed paper can hold the iron. It must come from men. Outlaw Josey Wales
Coastie Patriot  (OP)
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User ID: 70617162
United States
09/15/2021 12:57 AM

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Re: Biden’s Corporate Tax Hike Higher than Communist China’s, Laborers to Bear 25% of Burden
more proof


Biden Hires International Migration Group to Help Bring Expelled Illegal Aliens Back to U.S.


[link to www.breitbart.com (secure)]



Joe Biden Breaks Pledge: Raises Taxes on Americans Earnings over $50k

[link to www.breitbart.com (secure)]



Thread: Janet Yellen says we are broke! Warns Congress!



yet congress still pushes the bill for 3.5 trn


COLOR WAR TO BANKRUPT US AND FOMATE THE NEW AND GREAT RESET!!!
Coastie Patriot
SIC SEMPER TYRRANIS

THE SAME PEOPLE WHO SAID NO GUNS BECAUSE OF POLICE NOW WANT TO DEFUND THE POLICE!!!!

Dr Thaddeus They
They don't really care whether the truth gets out, because the public no longer knows what's meant by "the truth."

Well, I mean, no one can tell the difference anymore between what's real and what's fake.

Anyway, the point is, I can tell you all of this, right out in the open, because it doesn't matter who knows about it. They won't know whether to believe it or not.-
X Files: Lost art of Forehead Sweat

A gun is a tool, Marion, no better or no worse than any other tool, an axe, a shovel or anything. A gun is as good or as bad as the man using it. Remember that.
-SHANE-

Jefferson Smith: You see, boys forget what their country means by just reading The Land of the Free in history books. Then they get to be men they forget even more. Liberty's too precious a thing to be buried in books, Miss Saunders. Men should hold it up in front of them every single day of their lives and say: I'm free to think and to speak. My ancestors couldn't, I can, and my children will. Boys ought to grow up remembering that . - MR Smith Goes To Washington-

to grow up remembering th

My oath to support and defend the constitution against all enemies foreign and domestic has no expiration date!!!

Ten Bears : It's sad that governments are chiefed by the double tongues. There is iron in your words of death for all Comanche to see and so there is iron in your words of life. No signed paper can hold the iron. It must come from men. Outlaw Josey Wales





GLP