Like many other Democrats, President Biden asserts that rich and wealthy Americans must “pay their fair share” in taxes.
This is a tale as old as time that Democrats have told to justify tax surges to fund their government-run social programs. Taxing the wealthy to pay for the poor doesn’t work; although, Democrats continue trying it time and time again. Each time, American workers and consumers are the ones who suffer.
According to Biden, he is planning to increase taxes on big business. The corporate tax rate is projected to surge from 21% to 28% with this current president in office. However, just as Washington Examiner confirms, increasing taxes on big business only means disaster for American workers and consumers.
The Fallacy of a Big Business Tax Hike
When Biden says that “big business” will pay higher taxes, he’s already lying. “Big business” is not an entity that pays tax; however, the American worker and consumer sure do.
If the Democrat president does move forward with his harebrained policy of a big business tax hike, workers will pay the price by earning lower wages; meanwhile, consumers will also pay for the big business tax hike by having to spend more money on goods and services.
"A $15 minimum wage is about feel-good policy, not sound economics. Job losses are concentrated among women, minorities, and teenagers. As an unreasonable hungry & somewhat lazy teenager, I never would've gotten my first job at Subway for $15 an hour."
— Brad Polumbo 🇺🇸⚽️ 🏳️🌈 (@brad_polumbo) February 13, 2021
According to research from the Tax Foundation, higher taxes on big business would have demonstrably damaging impacts on the U.S. economy. These damages will play out in the form of lower wages and at least 159K lost jobs.
Poor Policy, Poor Timing
The big business tax hike that Biden is planning constitutes not only poor policy, but also poor timing. Right now, the U.S. economy is just starting to come back. Moreover, consumers in 2021 are getting gradually more comfortable with spending money. This is vital for the future of the nation, businesses, and the free market at large.
Mad respect. https://t.co/bf7NKLwbK0
— Hannah Cox (@HannahCox7) March 21, 2021
Biden’s tax hike places all of this in peril. Workers will suffer if they lose their jobs or are making less money because the Democrat president chose to raise taxes on their employers. Likewise, consumers won’t be able to spend as much if the prices of goods and services go up.
These are realities that Democrats fail to consider as they foam at the mouth over the prospect of making the rich “pay their fair share.”
What do you think about President Biden’s planned tax hike on big business? Do you think this is good policy? Let us know in the comments section below.