President Biden’s latest tax proposals for American businesses raise the corporate tax rate above that of Communist China.
Biden will be presenting his $2.25 trillion package that if passed, would increase corporate taxes from 21% to 28%, higher than the Communist’s tax rate of 25% for corporations. This comes on the heels of the Trump administration which reduced corporate tax to acceptable levels just a short few years earlier.
The Washington Post reports that the bill also increases the “global minimum tax paid from. . . 13 percent to 21 percent.” A measure which is intended to collect tax on corporations which shield their profits offshore.
Socialist champion Rep. Alexandria Ocasio-Cortez (D-NY) took to Twitter to disparage Joe Biden for not doing “nearly enough.”
This is not nearly enough. The important context here is that it’s $2.25T spread out over 10 years.
For context, the COVID package was $1.9T for this year *alone,* with some provisions lasting 2 years.
Needs to be way bigger. https://t.co/eTQ7cxuTzF
— Alexandria Ocasio-Cortez (@AOC) March 30, 2021
Rep Kevin Brady (R-TX) criticized the move, pointing out that no president in history has dared to try and raise “business taxes to recover from. . . economic crisis.” Adding that the timing for this kind of legislation is terrible.
Ann Wagner (R-MO) agreed with Brady’s statements. She asked how the Biden administration could possibly consider introducing tax policy which would ultimately burden “the American family,” and “struggling small businesses,” when “this country begins to. . . recover economically.”
The tax proposal makes provisions for housing, elderly care, manufacturing aid, internet and electric grid improvements and ‘clean-energy credits’ intended to promote energy generation such as wind and solar.
Author: Kate Edwards