Posted 3 years ago
Joe Biden’s expensive, recently proposed <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/">infrastructure plan</a> is nothing more than a liberal wish list designed to transform America. Despite it being ironically called "The American Jobs Plan" the bill is actually full of non-infrastructure, economically damaging plans like Biden's business-tax increases that will destroy American jobs and slow the economic recovery.
The President has proposed that in order to pay for a laundry list of "climate change" related projects, he would increase the corporate-tax rate to 28 percent, which would be the highest in the world, and it would increase the global minimum tax on American companies’ foreign earnings. Both moves would be destructive for American corporations just trying to recover from the Covid related economic slowdown.
If this tax increase were to pass the United States would have the highest (OECD) statutory corporate-tax rate would have a 32.34 percent. For business owners why would you build, grow and invest in the United States knowing that you'd end up paying such a larger percentage to the government? Our rate would become even higher than communist China.
People do not like paying taxes. However most people understand that they are a necessary evil. However when you start asking businesses to give up 40, 50, as high as 60 percent of their income they undoubtedly will look for ways to lower that tax burden. It is just common sense. Why is Biden so intent on encouraging large American multinational corporations to shift their headquarters overseas to avoid sky high taxes while discouraging investment in the United States. Does anyone really believe that, discouraging investment by companies in America is good for the US economy?
Because those questions are at the heart of what is wrong with the Biden Tax Increase, that he's attempting to sell as an infrastructure bill. America is in need of a real infrastructure bill, not a liberal activist inspired "punishment" for American job creators. The plan as written should not pass and its on the American people to reach out to their representatives and let them know that yes, we support improving American infrastructure, but we cannot support destroying the US economy as the "cost".
Topic: Politics
Tags: Congress Joe Biden American Jobs Plan President Biden Taxes Biden Tax increase US Business