Mr. Biden’s Proposed Tax Hikes Will Punish the Economy

#Biden #taxes #economy

“The corporate tax rate structure should be 1 where the US is competitive with the other world economic powers“–Paul Ebeling

Joe Biden is “punishing the economy” through his proposal to tax capital gains and that these tax hikes will have a negative impact on small businesses and blue-collar workers.

Representative Kevin Brady (R-TX) maintains that “this is another major economic blunder by President Biden. Look… after the tax cuts and Jobs Act investment surged in America, and as a result, it was blue-collar workers, it was local communities that benefited. When you double that tax, you have the opposite effect. In reality, you wouldn’t… encourage a cure by punishing the most frequent and successful researchers. You don’t rebuild a healthy economy by punishing those who invest in that local in the U.S. economy, and that’s exactly what you have here. So, at the end of the day, America, again, American workers are the net loser in President Biden’s capital gains proposal.”

The Biden packages, among other things, aim to make huge investments in infrastructure, child care and a host of other projects that will be paid for in part by hiking the Top income tax rate to 39.6% and raising the corporate tax rate to 28%.

Mr. Biden’s proposals would reverse some Key pieces of the 2017 tax-cut law, which Mr. Brady, then the Chairman of the House Ways and Means Committee, helped craft. The $1.5-T legislation, which cut taxes for corporations and individuals, became a key achievement of President Trump’s (45) term in office.

Notwithstanding the fact that the GOP and the liberal Democrats are at odds with Mr. Biden’s proposed spending plans, Mr. Brady thinks that, Republicans and Democrats in Congress can “absolutely compromise” on an infrastructure plan, which has “always been a bipartisan issue.

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