Attention liberals: An easy to understand guide to corporate income taxes and the Biden lie By Dr. Robert HowardApril 6, 2021
When George Stephanopoulos (on ABC News) asked President Biden: “You’re going to be raising those taxes?”
President Biden’s response was: “ Yes. Anybody making more than $400,000 will see a small to a significant tax increase. If you make more than — less than $400,000, you won’t see a fed — one single penny in additional federal tax. I brought this with me ’cause I often get asked and I don’t wanna misquote it.” https://abcnews.go.com/Politics/transcript-abc-news-george-stephanopoulos-interviews-president-joe/story?id=76509669
Biden is proposing a US corporation tax hike from the current 21% rate to 28% and increasing the global minimum tax on corporations from 13% to 21%.
Here is the big question for liberals: Where does the money that corporations use to pay these taxes come from? If you are astute and answered “from the people who buy the goods and services of the company” you earn a star!
Think about that. Every dollar that a corporation earns comes from the goods and services that the company sells to their customers who desire those goods and services. Since every corporate dollar comes from customers, ultimately but not necessarily instantaneously, the company is left with a single choice when confronted with a tax increase; to pass the tax increase on to its customers (very few of which earn $400,000 or more per year).
When President Biden makes comments like “We’re asking corporate America to pay their fair share. It will not slow the economy at all.” he is being completely dishonest.
Understand this: liberal methodology is to use corporations to pass on tax increases to every income bracket in the country and then to demonize those companies when they are forced to pass on these increases to the consumer public which doesn’t want them. Corporate tax increases will always slow the economy because the higher rates cause the prices of American goods to rise which makes our companies less competitive in the global environment.
To summarize. It doesn’t matter what income bracket you are in, you will experience a stealth tax increase as a result of Biden’s corporate income tax increase plan. In addition, there are many other aspects to his tax increase scheme that will also extend well into the middle and lower income brackets. These are also being done in a stealth manner with the hopes that you will not notice or misplace the blame.