Democrats’ new “framework” full of crippling tax hikes and spending not only will kill U.S. jobs and drive inflation higher on families, but will also make the U.S. tax rate on personal income the highest in the developed world.
Currently, the average top tax rate on personal income in the U.S. is 42.9 percent, hovering near the overall average for OECD nations. According to the Tax Foundation, the Democrats’ plan would increase this rate to an astonishing 57.4 percent, the highest among all developed nations.
While this new rate would cause the U.S. to enforce the highest tax rate in the OECD, it also propels the U.S. tax rate 12 percent to even higher than Communist China’s rate.
- “In addition to the top federal rate, individuals face taxes on personal income in most U.S. states. Considering the average top marginal state-local tax rate of 6.0 percent, the combined top tax rate on personal income would be 57.4 percent—higher than currently levied in any developed country.”
- “Raising the top marginal tax rate on ordinary income to the highest in the OECD will damage U.S. competitiveness. It will also reduce incentives to work, save, invest, and innovate, with broad implications for the U.S. economy.”
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Democrats’ new “framework” includes crippling tax hikes and budget gimmicks.
- $420 billion in tax hikes on small businesses.
- $800 billion in tax hikes on American businesses that will kill U.S. jobs, surrender economically to China, Russia, Japan, and Europe, and make it better to be a foreign company than an American one.
- A new Tax on Retirement Plans that hurts workers and seniors by punishing businesses that invest in their own stock.
- $330 billion in new spending that includes incentives to the jobless to stay home rather than work, causing 2 million workers to exit the workforce.
- $550 billion in green welfare subsidies for the wealthy and big corporations.
- $545 billion in budget gimmicks.
Biden’s global minimum tax offers foreign countries a sweetheart deal, while his punitive tax on Americans will send jobs to foreign competitors.
- According to the National Association of Manufacturers, the Biden Administration’s global minimum tax would destroy up to 1 million U.S. jobs.
- It’s no wonder our foreign competitors are happy to embrace a small global minimum tax – they’re getting our jobs, they’re getting a big bite of our taxes, and they don’t even have to act for years while America surrenders first.
The reality is, Washington has all the tax revenue it needs, but not all of the tax revenue it wants.
- The nonpartisan Congressional Budget Office (CBO) estimates that government revenue rose by 18 percent in 2021 — the biggest one-year increase since 1977.
- Analysis of CBO data by the Tax Foundation found that Republican tax reform reduced federal tax rates for households across every income level–while increasing the share of taxes paid by the top 1 percent.
- President Biden wants to repeal the Tax Cuts and Jobs Act, which will cost 6 million U.S jobs over a decade and send jobs and investment back overseas.