President Joe Biden and congressional Democrats demand trillions of dollars of tax increases be imposed on American businesses and working families. Biden routinely claims that this tax hike is about making corporations “pay their fair share.”
However, taxes that Biden claims hit only corporations will directly harm families, small businesses, and savers. It would increase the cost of goods and services, raise utility bills, and lock in a global agreement to surrender U.S. tax sovereignty to foreign countries.
Here are six reasons to be concerned about these tax increases:
1. Biden will give us a higher corporate tax rate than China and the rest of the world
The president has proposed raising the federal corporate tax from 21% to 28%, a 33% increase. Including state taxes, which average 4%, the U.S. would have a 32% corporate tax, significantly higher than China’s 25 % tax. This would also make the U.S. rate higher than our competitors including Canada (26.5%), the United Kingdom (19%), Ireland (12.5 %), Germany (29.9 %) and Japan (29.7%).
It should be telling that the Biden wants foreign countries to pay a 15% minimum tax, while domestically he has proposed a 28% tax. Clearly, the administration is not prioritizing American businesses and workers.