If President Joe Biden gets his way, working families will suffer the brunt of his business tax hike, not corporations. The liberal puppet and his administration are not telling Americans that large companies learned long ago to outsource jobs and evade tax liability by offshoring profits.
“Those with a high proportion of domestic earnings are directly affected by the rate increase while multinationals are likely to focus more on the changes to the minimum tax on foreign income,” Dave Zion of the Zion Research Group reportedly said.
It’s abundantly clear that massive corporations continue to influence Democrat policies. These multinational corporations profited from globalist trade policies that were all-the-rage beginning with disgraced ex-Pres. Clinton and grew even worse during the Obama years. The number of manufacturing plants employing 500 or more Americans plummeted from 3,322 in 1998 to 2,072 in 2015. Large factories with more than 1,000 workers were nearly cut in half, from 1,504 to 863 during that period.
Former President Donald Trump began the slow process of rebuilding U.S. manufacturing in 2017. Although the country made steady gains under Mr. Trump’s leadership, Biden now wants to follow the failed policies of Clinton and Obama. After Mr. Trump lowered the business tax from a debilitating 35 percent to a competitive 21 percent, Biden is pushing hard to increase it to 28 percent. He will effectively pull the rug out from under the U.S. economy and kill jobs.
Zion indicated that Biden’s attack on businesses large and small would likely result in S&P 500 outfits suffering a 10 percent earnings loss. That hit would result in companies trimming workforces and streamlining costs through outsourcing. Experts say that Biden’s 28 percent number has zero basis in sound economic facts. His mouthpiece failed to deliver any facts when questioned.
“I would say that the reason why the president is proposing these corporate tax increases is because that’s just the right thing to do,” Biden economic advisers Cecilia Rouse reportedly said. “He believes we should be… encouraging these corporations to pay their fair share.”
The Democratic Party has trolled out this tired propaganda line time and time again in an effort to vilify big businesses that don’t donate to their left-wing agenda. The facts are that Biden is merely signaling that American-based companies are enemies of his party because they typically support Republicans. That being said, experts recognize that working people will suffer higher unemployment rates, depressed wages, as well as increased costs at supermarkets and gas pumps.
“The economic literature shows that corporate income taxes are one of the most harmful tax types for economic growth, as capital investment is sensitive to corporate taxation,” a report from the Tax Foundation reportedly states. “The corporate income tax raises the pretax return firms required to pursue investment opportunities, reducing the pool of investments that firms find worthwhile to pursue. This lowers long-run economic output, reducing wages and living standards.”
As it stands, Republicans and even moderate Democrats currently oppose the tax hike. Big corporations will pivot to avoid paying by moving production to tax-friendly China, among others. Small local businesses won’t be able to avoid the hit and working families feel the sting of higher prices, lost jobs, inflation, and depressed wages.
ISN’T IT TIME TO IMPEACH BIDEN AND HARRIS!
WE THE PEOPLE (aka SILENT MAJORITY) had countless opportunities to have stopped this nightmare, but we chose to give the DEMOCRATS what they expected of us, to REMAIN SILENT! Thus, making us equally complicit in the fraud perpetrated against United States Americans!
Isn’t it time you actually did something, took action? How much more damage needs to be done?
I urge everyone who reads this to PICK UP THE PHONE and call your REP AND SENATORS in DC and DEMAND IMMEDIATE IMPEACHMENT OF BIDEN AND HARRIS.
BIDEN is completely UNFIT FOR OFFICE! Biden is guilty of 18 U.S. Code CHAPTER 115—TREASON, SEDITION, AND SUBVERSIVE ACTIVITIES.
HARRIS is guilty of violating 18US Code 2381 Treason, 18 US Code 2382 Misprision of Treason, 18US Code 2383 Rebellion or Insurrection, 18 US Code 2384 Seditious Conspiracy and 18 US CODE 2385 Advocating Overthrow of Government!
Can you continue to tolerate gasoline prices, product prices all going up, the WH being run by Harris, Pelosi and Schumer? Literally destroying our country, allowing thousands upon thousands of illegals into our country bringing in God knows what diseases?
Then copy and paste this information into an E-Mail and send to friends and family asking them to make the calls, then forward on to their friends asking them to make the calls and forward on! WE NEED TO MAKE THIS GO VIRAL!
Members of the House
202-224-3841
Members of the Senate
202-224-3121
TOLL FREE:
866-272-6622
Keep in mind: SILENCE = ACCEPTANCE
Something needs to be done NOW to stop OBAMINATION number two from finishing the job of destroying America that the illegal Kenyan started!
He is just doing what is good for the people . THE ILLEAGL people invading the U.S. border!
Stop Biden policy before it’s to late, we are about to set the middle east on fire again, Israel will not tolerate a nuclear Iran.
Biden’s {b12} shots are not working any more, he lacks any physical to continue, along with his confused mental state it’s really bad, caused too many unnecessary bad decisions to be made. Time to go. Stop his tax increases, stop tax spending, stops the Biden economic disaster plans, crazy partisan tax and spend democrat, liberal, socialist idealism plans will hurt our countries effort to reduce debt. We have an old man, with old ideas, that thinks he can change our country’s principals, based on his corruption, paid for by the Chinese communist government. Support a criminal investigation into the Biden family corruption. Close to 300,000 thousand, have already signed this petition. Hunter Biden still has strong ties to communist Chinese companies which represents a conflict of interest for our Country, sign the Judicial Watch Petition today and help save our Country before it’s to late.
Joe B*den is a F*cking Idiot! He knows what he is doing, Destroy the American Economy and force everyone to buy Chinese goods. Hopefully he will not see a full term.
Don’t forget that Joe Biden also committed bribery. He promised those people that if they vote for those two Democrats running for the U.S. Senate would get $2,000 stimulus payment. But guess what? Those people are still waiting for their money. Bribery? Yeah, I would say Biden is corrupt like organized crime
All political promises come down to bribing the uneducated using other peoples’ money. The corporate tax is just a way to keep the poor poor because the companies can only recover the costs of the tax by raising prices. And don’t forget that in addition to the taxes, companies must hire additional bookkeepers, accountants, and tax lawyers because of this tax. And this is only the tip of the iceberg as overhead costs can be up to 150% of wages. (these extra people need desks, offices, health insurance, pensions, computers, phones, etc. all paid for by the company.)