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