Raising the corporate tax rate is one method that President Biden plans to employ as a means of funding his expensive spending packages. Despite Biden’s claims that only the wealthy will feel the impacts of tax increases, these impacts will always trickle down.
During this month alone, Republicans warned that this president’s tax increases will lead to a much higher cost of living for Americans. Gas prices and insulin prices have already gone up under the Biden administration; however, this isn’t making Democrats think twice as they push for their far-left agenda.
Yesterday, though, Biden hinted at a possible willingness to compromise with Republicans on the corporate tax rate, according to Newsmax.
The Rate of Corporate Taxes in the United States
Right now, the corporate tax rate in America rests at 21%. Biden seeks to amp this up to 28%, a move that would cost many U.S. workers their jobs. Republicans have since condemned the president’s push to heighten the rate of corporate taxes.
On Wednesday, though, Biden declared himself as “open to compromising” on a 28% corporate tax rate. The Democrat president made this point when questioned about whether he’d be OK with a corporate tax rate of just 25%, rather than 28%.
Under President Biden’s plan, our corporate tax rate would be among the highest in the world.
What does that mean for us? Jobs shipped overseas, staggering inflation, and an advantage for our global competitors.
— Tim Scott (@SenatorTimScott) May 5, 2021
Biden also claimed to have spoken with various corporations regarding a higher tax rate; however, he chose not to name these alleged corporations.
There is not much talk about where lawmakers stand on a 25% corporate tax rate; however, Democrat Sen. Joe Manchin has come out in favor of it. Manchin opposes a 28% rate of corporate taxes, yet maintains that he could get on board with 25%.
Would Republicans Agree to a 25% Corporate Tax Rate?
Thus far, there is no indication that the GOP would get on board with increasing the rate of corporate taxes to 25%. While smaller than 28%, a 25% corporate tax rate would still engender a tax increase; American jobs would still suffer, a reality that Biden seems unwilling to publicly address.
CORPORATE TAXES: President Biden gets fired up when talking about high CEO pay, saying he wants to improve the standard of living for "people I grew up with" and that executives will still have 2nd homes and private jets even after his tax increases pic.twitter.com/MX4AcWxH1n
— Forbes (@Forbes) May 5, 2021
The GOP has come out in full force against anything that would hurt American jobs. This is especially important during a time when the economy is gradually making improvements and getting Americans back to work.
What do you think about Biden’s comments on a 25% corporate tax rate? Do you view this as a true form of compromise or another measure that would hurt workers and jobs? Let us get your thoughts in the comments section below.
