After destroying individual freedoms, the supply chains, the US military in Afghanistan, and the economy, Joe Biden now wants to increase the pain on Americans by increasing taxes significantly.
Everything Biden does helps China and hurts the US. Biden now is pushing for higher taxes on US companies which will increase business abroad and increase costs on products and services across the board. The Association of Mature American Citizens (Amac) reports the following.
Americans received more unwelcome economic news yesterday as third-quarter GDP numbers fell far below expectations, marking the slowest period of the recovery to date. However, despite clear signs that their economic policies are already hampering the recovery started under President Trump, Democrats continued to press forward with their massive spending package officially titled the “Build Back Better Act,” or BBB…
…As the Democrat-controlled House Ways and Means Committee unveiled last month, Biden’s spending plan would increase the corporate tax rate from 21% to 26.5%, above the global average of 23%. According to the Tax Foundation, such an increase would also subject American companies to a higher tax rate than Communist China. There, companies pay a 25% standard corporate tax, and certain industries encouraged by the Chinese government can see rates as low as 15%.
The Democratic plan would also increase “the long-term capital gains and qualified dividends tax rate to 25%” according to the Tax Foundation, and would create “a new 3% tax on modified adjusted gross income above $5 million, in addition to the current law 3.8% net investment income tax.” This, combined with state-level taxes, would make the integrated tax rate for corporate income 56.6 percent, more than double that of China. This would give America the third-highest integrated tax rate in the developed world. The only nations with a higher rate would be Ireland and Korea. As destructive as this would be for American enterprise, some Democrats are going even further.
We’ve already reported how Biden’s tax plans will give the US the highest top tax rate of any country in the OECD.
Also, Biden’s billionaire tax looks like an attempt to get at Americans’ 401k’s and IRA’s.