Posted on 04/06/2021 6:58:21 AM PDT by SeekAndFind
One of the ways in which President Biden intends to pay for his $2-trillion Green New Deal spending plan is to raise the corporate tax rate. When Biden returned to the White House after spending time with his family for Easter (something you're not allowed to do, according to Democrats), reporters asked him whether it was wise to raise the corporate tax rate, which is currently at 21%, to 28% (an amount greater than the corporate tax in China). According to Biden, not only will the tax rate not be a problem, but it will encourage corporations that haven't paid taxes to start paying. Huh?
One of the most significant aspects of Trump's tax plan was that it lowered the corporate tax rate from 35% — one of the highest in the Western world — to 21%. Not coincidentally, the economy roared once those tax cuts went into effect. For anyone with an understanding of how business works, this wasn't surprising.
Businesses don't actually pay taxes because they're not the point at which the buck stops. Instead, they deal with taxes in four different ways: they increase costs to customers, they reduce employee salaries or numbers, they move the business to countries with lower costs, or they shut down. The corporation itself doesn't end up in the poor house, but all the people affected by its financial decisions just might.
Biden doesn't see things that way. As far as he's concerned, the increased rate not only won't result in higher costs, lower wages, and corporations off-shoring their business; it will somehow encourage corporations to stop using loopholes to avoid paying taxes. At least, that's what he said when reporters waylaid him on his return to the White House.
(Excerpt) Read more at americanthinker.com ...
REPORTER: "Are you afraid that a higher tax will drive corporations to other countries?"
BIDEN: "Not at all. Not at all, Because there's no evidence of that. The tax was 36%. It's now down to 21%. And the idea that... That's bizarre. We were talking about a 28% tax that everybody thought was just fair enough for everybody. The idea... Ya got... Here you have 51 or 52 corporations of the Fortune 500 that haven't paid a single penny in taxes in three years."
And then he wrapped up his signature expression, "C'mon, man! Let's get real."
CORPORATIONS DON’T PAY TAXES.....THEIR CUSTOMERS DO!..............................
All of the above.
Link doesn’t work for me. Wants me to sign in as admin.
They tell Biden what to do and they tell him the way to discuss it and defend it given he has no clue, is to just say “C’mon Man”.
What happened in the 2020 elections is a stab in the back of Americans.
We coulda been a contender, but the left kept dragging us back in.
Now with the democrats back in power, the slide to Chinese made continues unabated.
Could not have been better scripted, Chairman Xi!
Biden word salad.
We are so screwed.
If you want more revenue, raise the tariffs and make them across the board.
Not only will it raise more money on imports, but it will provide an incentive to rebuild American industry. The more people go back to work, the more income taxes are generated. And voila, now you have tariff revenue, and income tax revenue. And more people have more money to spend into the economy getting a multiplier effect.
It had a couple of letters cut off the end, should be https://www.americanthinker.com/blog/2021/04/biden_offered_a_strange_reason_for_raising_corporate_taxes.html
Hey thanks!
Democrats all have a Scrooge McDuck vision of what wealth is tattooed upon their brains. It’s virtually impossible to change their minds - unless one of them dares to start his or her own business and finds out personally.
Uh, Joe, Have you talked with Janet aYellin this morning? She has other ideas you may want to “review...”
I think he’s still living in the mindset of 1980s...before NAFTA came along. Once NAFTA was established...everyone had a plan to take their product beyond US borders.
Now, if you quietly face the fifty-odd Democratic Senators...at least ten of them will tell you that a massive tax increase does result in products moved off-shore (they saw it in their state). They may not openly state this with the news media, but they know thats the general script that occurs.
Biden might get away with a 3-point tax increase, and a infrastructure plan that is around 750-billion, but I seriously doubt they have the votes in the Senate to pass this current plan.
Exactly right. Marxism-Atheism is their substitute for godly behavior. Logic and truth aren't going to make any difference.
He just says crap that’s on his teleprompter.
“Here you have 51 or 52 corporations of the Fortune 500 that haven’t paid a single penny in taxes in three years.”
Raising the rate from 21% to 28% isn’t going to raise a penny of taxes from them if those businesses can still write off 100% of revenue.
Baffles me the near religious devotion to “taxes must be paid” as though those businesses couldn’t possibly do more/better good with that money than the government. That’s why deductions exist at all.
“Come on, man! I just got a Puddin Pop, and Jill changed my diaper! That means that corporate tax is trunalimunumaprzure, and EVERYONE knows that a trunalimunumaprzure in the hand is worth two badakathcares in the barabajagal!”
The Puppetdent of the United States, Leonlid Bidenrezhnev.
Do not lay at the feet of malice what can be easily attributed to stupidity. For stupidity is by far, a much more powerful and destructive force.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.