I am often asked if President Joe Biden is intentionally trying to dismantle the American economy with his imbecilic energy, climate change, crime, border, inflation and debt policies. But I’ve always believed these policies are driven by a badly mistaken ideology — not malice.
Then I watched Biden’s State of the Union speech. When Biden thundered that he was going to make corporations “pay their fair share,” the Democrats in Congress leapt to their feet in applause.
When I read through the details of Biden’s new multitrillion-dollar tax plan, it’s hard to come up with any plausible explanation other than that he’s trying to make American industry less competitive. Biden’s tax scheme would hobble United States businesses with nearly the highest corporate tax rate in the world — higher than our primary competitors.
They’re the big winners here if (God forbid) these policies were adopted. Even China and Russia — one communist nation and one autocratic nation — would have LOWER tax rates on their businesses than we would on ours.
This will lead to an outmigration of capital from the U.S. to our rivals as sure as river water flows downstream.
One of my first meetings with former President Donald Trump was in early 2020 when I showed him a chart that indicated the U.S. had the highest tax rate of all our competitors. When Trump saw the chart, he instantly remarked, “This is like a Head Start program for all the countries we compete with.” His goal was to empower American businesses with the lowest rate in the world. We didn’t get the rate down to 15%, but we did lower it to 21%.
This helped attract more than $1 trillion back into the United States from all corners of the globe — from Switzerland to Bermuda to Euroland. It helped raise incomes for working-class Americans despite being disparaged as a “tax cut for the rich.” As Trump once put it, because of the lower tax rates and other pro-growth reforms, for the first time in decades factories moved from Mexico to Maryland rather than the other way around.
Meanwhile in Ireland the 12.5% corporate tax rate has helped make that nation the fastest-growing land in all of Europe. They even have a budget surplus. That’s right. The lower tax rates have ushered in revenue.
But Biden and the Democrats would rather bash big business for not paying “their fair share” than fix the problem sensibly. Ironically, the one industry in America that pays virtually no business tax is the green energy colossus. Why don’t we start with making THEM pay their fair share, which clearly isn’t zero?
The White House estimates their plan will raise $500 billion over a decade from corporations. Of course, corporations are owned by 130 million Americans with 401(k) plans and other retirement packages.
Not just the top 1% are going to get zapped here.
Economist Kevin Hassett, who was Trump’s chairman of the Council of Economic Advisers, has shown corporate tax rates are statistically inversely related to worker wages. Lower tax rates mean higher worker pay.
So blue-collar America will pay a large share of the Biden tax hike’s burden.
But the Biden economics team is in denial on the science. They reject the real-world evidence that high tax rates deter job growth and investment, they ignore the Ireland experience, and they pretend the rich will bear all the burden of a tax that will hurt all American workers and consumers while benefiting our global competitors.
These inane tax-hike policies will put America last — literally and figuratively.
Stephen Moore is a visiting fellow at the Heritage Foundation and a senior economic advisor to Donald Trump. His latest book is: “Govzilla: How the Relentless Growth of Government Is Devouring Our Economy.”
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I believe Biden admin understands this perfectly but are determined to destroy USA middle class and USA.
MAGA2024 !!!????????????????????????
Joe has never had an idea that helped America.
You are too kind, Mr. Moore. While Biden and his gang of America destroyers are in fact dumb as a box of rocks when it comes to economic policy, they are not lacking in “malice” towards our nation. They will not be happy until they have completely destroyed our economy and the nation. May God save us from the left’s evilness.
Bottom line: The Left continues their march to cripple the nation’s economy while they continue to line their pockets with $$$$$$ from foreign powers.
Yes I agree , I believe that Obama and Obiden are both trying intentionally to degrade the USA for the takeover of the New World Order .
The national Democrats are positivists and slime. As well as wanting to run everybody’s life. They neglect to understand that they will be run just like the average schmo when they are individually out of office. Biden has always thought he knew more than everyone and was better than everyone. He was stupid in 1978, and he is becoming demented it is much worse. Doesn’t his staff and the left media comprehend that his fits of anger are a symptom of that dementia? I’m betting he was on meth for SOTU. The bursts of anger indicate that, along with his suddenly found energy. Hitler’s doctor told him it was a special vitamin.
Under Obummer, the frustration of calling a customer service department of just about any company would get you a foreigner on the other end with a thick accent you couldn’t understand, a clear reminder of how Hussein had American companies outsourcing their customer support services to countries like India and Mexico, to name a few. DJT brought companies back to America and the frustration on the phone dissipated while our economy soared. Now that America-last Traitor Joe occupies the WH basement, the foreigner-on-the-phone frustration has returned and our economy is on the brink of collapse. Elections have consequences, especially when they’re stolen.
And that is the dems plan to wreck America. They think that way they can control the populace because they think we all will look to government for help to live. Just like the legal immigrants who came here 60-70 years ago, legally. They weren’t allowed to ask for any help for the first 5 years they were here, no Medicare, no foodstamps no help with rent. You were on your own and we can do it again. Even at my age I will find a job somewhere and survive. Asking the dems for a handout I’ll be damned. Who is with me. Let’s vote this narcissist out.
If it’s bad for America and good for China, Biden and his cabal are all for it.
Xi will be moving into the White House any day now — after all, he bought it years ago.
I agree with the comment made by Max, below. Our congressional leadership keeps lining it’s pockets and financial accounts while driving the rest of us into more economically risky territory.
It’s not looking good now, for many of us, and our “Democrat” leadership, by all appearance and phony platitudes, wants our economic “ship” to go under while we try to swim for shore.
We were nowhere near close to being in this kind of economic trouble when President Trump was in office.
Steven Moore knows what he is writing about. Mr. Biden hates the USA. He wants to see us become a 3rd world country. If Mr. Biden is successful, this will happen. Please do not vote for a Democrat in November.
Can we scrap the IRS Now??
This is the worst US President in history. Unless we stop the illegal voting actions…and soon…this will be the fate of this nation.
He has never done nothing his whole time in office, but he has big money behind him some which is from Soros. He is a joke for a leader but he has the backing to destroy this country.
Well for the first time since 2007 when I retired from the Navy, I’m getting less than the usual amount back in taxes this year. Guess that means I’m either a “1%-er” or a “corporation”… that’s news to my wallet! Biden is “shrinkflation”: pay more but get less!
Worthless joe has no ideas about anything except what flavor ice cream he likes. He is doing what his kenyan pos is telling him to do-screw america with open borders, green energy stupidity, outrageous taxes, lawbreakers by the millions who mooch of the government.
You underestimate the usurper(s). They absolutely are trashing our Country out of malice! The people behind the curtain despise our history, our culture, our values, our religions, and our freedom. Stay tuned – it Will get worse before Nov 5. Pray for our President @realDonaldTrump and let Nothing surprise you!
Biden is quite simply an idiot being manipulated by socialists who want to remake America into a socialist authoritarian state.
Ever thought these things he has done may be what the Biden’s got the millions of dollars to do!! Dismantle this country!! George Soros wants nothing more than to see the destruction of our country!!
Is that really any surprise after all of the hate AMERICA things that tik-tok and his handlers have done.I will not even vote for a democRAT after I die,very much unlike dead zombie democRAT voters.
Did he advise O or is O advising him? There is no difference when it comes to hating America and Americans. The same as it was from 2009 to 2016, just some of us paid attention.
Be sure to watch “A Scam’: David Schweikert Lays Waste To President Biden’s Newly Announced Budget”, youtu.be/r0ZDVcOCdu0?si=aw8gUnc4jiPhxD1c
Need to ask Obama and Soros, his handlers! Joe simply is not running so much as a lemonade stand these days.
I hate to say this, but have you ever visited an old folks home? Sometimes you will notice that Young hot person, whispering into an old person’s ear. Then later you find that that old person gave his money away, or married someone too young for him or changed his will!That’s FJB. Old, frail, senile, easily manipulated geezer. Wanting to make everybody happy. So he can get some ice cream.This is what haters wanted, that’s what they got!
If it is not malice driving these plans, it is stupidity. Nobody who has lived the good life provided by this country could possibly believe these present policies are anything but destructive.
Obiden is merely following orders from his master Obuma. Who just met with the U.K. Prime Minister. They’re not even trying to hide it anymore. The fix is in.
I abandoned the concept that they don’t know what they are doing long, long, ago.
They know *exactly* what theyt are doing.
They *want* what you described to happen. What do you think all the bribes are for?
It seems to me that we’ve already been down this road. It’s been proven that higher taxes from the Obama regime caused American jobs to be relocated elsewhere. It’s was also proven under Trump that lowering the tax rate brought a lot of those jobs back.
Anyone who thinks the current regime’s actions are simply the result of a moron in office are sadly mistaken. These actions are purposeful, designed to knock America down in the world order.
I have always thought that Congress is responsible for changing tax regulations or anything regarding Federal taxes. What gives POTUS power to fool with tax codes , is this done bby signing EO’S? I blame Congress for not making any changes to beef up Social Security fund for about 20-years now. Does the POTUS have the power to raise FICA taxes ? And how did Trump enforce the tax cuts during his term that expire in 2025? Why do taxpayers & Congress allow POTUS to do end runs around the Legislative Branch?
Yes, Joey Sniff the Biteme is intentional, but only directed by the Sorobama and Chicom Xi. T R E A S O N.
As President Reagan said, “Freedom is never more than one generation from extinction.”
Hopefully it will not be this generation. I never thought I would live to see days like these but this is usually when the people step up. We all need to talk to friends, family, strangers…everyone. Be supportive and informative NOT combative when explaining why the Democrats have abandoned all reason.
I don’t believe this is about malice but about power & control. Keep up the good work!
Your dedication to your readers is admirable.
The income tax burden on each business and each individual has a different impact in the person’s or business’s reaction. The reaction is therefore not predictable in an over-arching general reaction to income tax changes. What the national policy needs to do to ensure an overall trend of the reactions to a tax by both the collective business and individual is to ensure the tax is known at the time of sale for each item sold or purchased. This is one of the advantages of the fair tax–alias the national sales tax. The producer has to price his items understanding the final price including the sales tax, and the purchaser has to make his decision to buy on the affordability of the product or service including the sales tax. When the certainty of the tax is known up front, both business and consumers make sales and purchases in a more predictable pattern for themselves and policy-makers.