- By Anton Grillo
- (General Dispatch) – According to President Joe Biden’s planned agenda, he intends to impose a tax on U.S. companies at a high rate, perhaps higher than the rate that China levies on U.S. companies.
- This Wednesday, the current president will make a trip to Pittsburgh with the purpose of presenting a $2.2 billion structured bill, which if passed, will increase the corporate tax rate to 28%.
- This decision would undoubtedly devastate one of the achievements obtained in the Trump era, when the corporate tax rate was reduced from 35% to 21%. This decision would exceed the rate imposed by China by 25%.
- Next, the intention to impose a higher level of taxes on American companies affirms the great need of the White House to provide itself with economic resources to finance the projects that the president intends to achieve.
- Antagonistically, the bill also provides for an increase in the overall minimum tax, going from 13% to 21% without any kind of contemplation.
- However, criticism in the Senate and among the people of the United States has not been long in coming, as the country’s economy will reflect the remarkable change that will result if the bill becomes law.
- However, senators close to the Republican Party have opposed the measure under consideration, because taxes have never been increased at such exaggerated levels. Especially when the country is in an economic crisis.
- Although Biden’s bills are ambitious, the country is not willing to economically support the president’s policies. This would mean a serious economic contraction, say the nation’s economists.
Adittional Information:
Breitbart: Joe Biden to Tax American Business at Higher Rate than Communist China
ATR: Joe Biden Would Raise the U.S. Corporate Tax Rate Higher Than Communist China
