President Biden is waving the white flag of economic surrender to our foreign competitors while sabotaging our recovery at home by reversing the gains made under 2017 Republican tax reform, Kimberley Strassel writes for the Wall Street Journal in a new op-ed.
Make no mistake, Democrats’ $3.5 trillion socialist agenda (which House Democrats will be voting on this week) will hurt middle-class families and small businesses, make America less competitive, and reverse the gains made under the Tax Cuts and Jobs Act (TCJA).
CLICK HERE to read the full op-ed.
KEY EXCERPTS:
- “Remember that giant sucking sound of the Obama years, as corporations fled to foreign shores? There hasn’t been a major corporate inversion announced since the tax reform passed. Prior to the Covid interruption, the U.S. economy was firing on every cylinder. At least 10 countries have reduced their own corporate tax rates since, an acknowledgment the U.S. is cleaning their clocks.”
- “So not only would the corporate tax hikes destroy American competitiveness; they’d sock it to average Americans. And that’s before you take into consideration Mr. Biden’s plans to raise individual rates, to slam Main Street with tax hikes and the end of the small-business deduction, and to cripple family farms with a supercharged death tax.”
CLICK HERE to read the full op-ed.
KEY TAKEAWAYS:
Tax Reform Reversed the Obama-Biden Trend of Losing Jobs Overseas.
- President Biden wants to repeal the Tax Cuts and Jobs Act, which will cost 6 million U.S jobs over a decade and make America less competitive.
- Tax reform helped all Americans by growing wages at the fastest pace in 20 years, and lifting more than 6 million people out of poverty.
- President Biden’s proposed corporate tax rate, which would be the highest in the industrialized world, will send U.S. jobs, companies, research, and investment overseas.
- President Biden’s 33 percent tax hike would hit nearly 1.5 million small businesses that employ more than 12.5 million Americans.
- According to the non-partisan Joint Committee on Taxation, two-thirds of the Democrats’ corporate tax hike would fall on lower- and middle-income taxpayers—which includes the small businesses that file taxes as individuals.
READ: Brady, Crapo Warn Administration’s OECD Position Undermines Congress’s Authority over U.S. Tax Law
The Last Thing Hardworking Americans and Small Businesses Need Are to Be Hit By Democrats’ Tax Hikes.
- According to an economic analysis by EY and the Family Business Estate Tax Coalition, Democrats’ supercharged second death tax will destroy over a million jobs, slash paychecks for workers, and shrink our economy by $100 billion over the next decade. We wrote about that here.
- In 2019, at least 21 million small businesses and their employees benefitted by the more than $66 billion in savings this deduction created – but Democrats want to take those earnings to advance their radical agenda.
- The Biden presidency just keeps hammering families, with prices rising the highest in 30 years and outpacing paychecks month after month.
- Take a look at our tax hike toolkit to see just how devastating President Biden’s $3.5 trillion tax hikes will be to middle-class Americans and Main Street businesses.
READ: Dem Claims Proven Wrong Again: GOP Tax Reform Lowered Taxes For All
Welcome to puppet master Obama’s 3rd term with Joe O’Biden as the puppet with dementia doing the bidding of the former racist in chief and destroyer of America with an economic agenda to take down our economy and guarantee the CCP global domination! Sure wish I could meet those 80 million who voted for this debacle…
Destroying America’s economy was one of the 7 Ways to Turn a Nation Socialist by Saul Alinsky written in the 70’s. Five out of seven are now complete. All that is happening; the budget, the military, Afghanistan, public education, the riots are all part of the agenda to destroy America and build back socialist. The demo/socialists plan is to make America and the world part of the one-world government by 2030 or sooner and they are on track to do just that. None of this is by accident, error, or stupidity. It is all part of the plan. We are not dealing with just “bad” people. We are dealing with evil, demonic people. If Kamala takes over we will see satanic evil on steroids.
Biden’s proposed changes:
The only reason stuff like this get passed is on purpose. It is intentional. Elections have consequences dont they?
ever wonder why the democrats/marxists hate us all so much? they hate us for our success, they hate the capitalists, the capitalist system which lifts people out of poverty, they hate us for that.The corporate sham leaders hate us as well, they side with the marxists. We should all quit whining and do our homework and drive the vermin OUT!
The most faithful and loyal Democrat Party automatons (e.g. black folks, young white college educated professionals, blue collar workers and the working poor) are the very same people who suffer the greatest adverse economic impact as the result of Democrat Party economic policy. Ironic, but true.
We have a winner!!
This spineless communist tiny piece of a human being doesn’t have the courage or the common sense to tackle ANY issue that will benefit America. God will judge his eternal soul just like everyone else. Many of those who voted for Biden will turn and vote for another because of Biden’s party and their radical destruction of America. This party will be weakened substantially. Makes you wonder who in the world would actually vote for people that want to destroy what we all love.