Posted on 04/06/2021 7:13:59 AM PDT by SeekAndFind
America’s federal corporate tax rate is currently about 21%.
The Biden administration proposes raising it to 28%.
For some perspective, that’s a 33% increase in one fell swoop. If enacted, Biden’s corporate tax rate would exceed China’s corporate tax rate, which is around 25%.
China is communist.
The Biden administration’s argument for making America less tax-friendly than communist China is not an economic argument, that it would be good for jobs in a recovering economy. That’s an afterthought at the most. Team Biden is making a sort of moral argument.
Council of Economic Advisers Chair Cecilia Rouse on Sunday said the president is proposing corporate tax increases because it’s the “right thing to do.”
CBS’s “Face the Nation” anchor Margaret Brennan pressed Rouse about Biden’s proposal to increase the corporate tax rate from 21% to 28% or potentially higher after Rouse said Biden’s $2 trillion spending plan is “good for the economy.”
“This is 15 years of higher taxes to pay for eight years of spending. Can you really say that’s not a cost?” Brennan asked.
“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,” Rouse said. “He believes we should be… encouraging these corporations to pay their fair share.”
Just what is their “fair share”? Why stop at 28%, when 30% is just a couple of points away? Why not 35%? If it’s morally right, doing more of it should be even more right.
The Biden plan, should it be enacted, won’t cost corporations. It will cost you. When corporate taxes increase, corporations don’t just eat the cost if they can help it. They will pass costs on to their consumers, which is ultimately you. Their accountants and rent-seeking lobbyists will see to that.
(Excerpt) Read more at pjmedia.com ...
Bring back the inversion. Dems doing what Dems do.
If there is one guarantee in life, it is that democrats will raise taxes, as well as find new things to tax, in new ways. Taxes are life to democrats. It’s there lifeblood. The more they tax, the more they have, and the less you have. It’s how they gauge if they are winning. Oh, and they have to come up with some lame reason to tax.
Very few Americans are aware that a corporation NEVER pays taxes—they do.
Until we can get the truth into their brains, we can’t win.
Ask any person what happens to the price of new homes if lumber goes up 33%?
The answer: “New houses will cost more.”
“Cost who?”, you ask them.
“The house buyer”, they’ll say.
Then say: “There ya go. Just like taxes on corporations. What’s fair about taxing yourselves?”
The unelected, illegal government wants more money.
Corporations do not pay taxes. They COLLECT taxes.
Six ways corporations pay their taxes...
1. They do not.
2. it is a cost of doing business.
3. consumer pays more for products.
4. anyone who thinks consumers aren’t charged for taxes is
a biden.
5. it is not inflation, it just costs more.
6. Electing republicans might not fix it.
Corporations, by and large, won’t pay for this, which is why you won’t hear them fight it very hard.
Wait. What? You mean corporations wi just pass on the cost?
This has the added benefit to the government that the money will more likely be spent, as opposed to dividends paid to shareholders being reinvested into the stock of the company.
Such payouts are tax deductible to the corporation. If Congress wants to encourage this behavior, add a sur-deduction (is that a word?) to do the necessary social engineering.
Because the corporate tax rate would be increased from 21 to 28 percent, this idea would reduce the impact, while increasing employee satisfaction. Effect on dividends would be negligible because the added bonus payments would offset the added taxes.
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