Staff Reports
President Joe Biden, the taxing machine, has unveiled his latest budget proposal laden with the wish-list items of the left. Among the Democrat dreams come true is his quest to slap a hefty 28% corporate tax rate on businesses. If Biden gets his way, American corporations will be shelling out one of the biggest tax burdens globally, setting the stage for a financial sucker punch to hardworking Americans.
His relentless push to scrap the Trump-era tax cuts for corporations, which were slated to expire in December 2024, faced a solid GOP roadblock in the House. But Biden, undeterred, has reincarnated those cuts in his new budget, hoping this time they’ll stick like glue.
ROOKE: Biden’s New Tax Plan Would Be Another Gut Punch For American Workers https://t.co/FnD3wy0SJ8
— Daily Caller (@DailyCaller) March 12, 2024
The argument Biden peddles is that the boosted tax rate is all about snagging some much-needed cash and ensuring corporations pay their “fair share.” But let’s face it, this move is about as fair as a one-legged man in a butt-kicking contest. Economists have long warned that jacking up corporate taxes is a one-way ticket to Hardship City for American workers and consumers alike.
Enter Alex Durante, a tax policy guru at the Tax Foundation. This financial sleuth has done the math and issued a dire warning that Biden’s tax hike will clobber financially vulnerable Americans faster than you can say “tax refund.” He points out that low-income households took the biggest hit during the pandemic, and the last thing they need is Uncle Sam reaching deeper into their pockets.
Durante’s research reveals a harsh reality: when corporations foot a bigger tax bill, it’s the workers who end up with the short end of the stick. The Tax Foundation’s eye-watering review of German corporate tax trends over two decades paints a bleak picture: more than half of the corporate tax burden lands squarely on the shoulders of everyday workers.
In the land of make-believe where Biden resides, his tax plan somehow doesn’t break his promise not to hike taxes on couples raking in over $400,000 annually. But Durante sees through the smoke and mirrors, noting that hitting corporations where it hurts will inevitably trickle down to workers and consumers, no matter how the spin doctors spin it.
The Heritage Foundation, no stranger to slamming Biden’s tax gambits, rings the alarm bells even louder. In their scathing review, they shred Biden’s plan to bits, warning that American workers will bear the brunt of the corporate tax hike. Kiss goodbye to competitive wages, they say, as U.S. corporations are outpaced by global rivals, and the American dream, already on life support, slips further from reach.
Can you hear that sound? It’s the collective groan of hardworking Americans realizing that Biden’s money-grabbing schemes will only squeeze them tighter. Under the golden days of Trump, wages were on the upswing, the economy was bouncing like a kangaroo on a sugar rush, and families were finally catching a breath after a marathon of financial suffocation. But now, with Biden at the helm, it feels like the American Dream is living on borrowed time, and his tax hike plan is pouring salt on an already gaping wound.
