Democrats’ $3.5 trillion tax hike and spending plan will increase the corporate tax rate from 21 percent to 26.5 percent—skyrocketing the United States to the third highest corporate rate in the OECD, the Tax Foundation reports.
Corporations don’t pay taxes, people do. Democrats’ tax hikes will fall on the backs of American working families and Main Street businesses.
“Under the Ways and Means text, the U.S. would have an average corporate tax rate of 30.9 percent, which would be the third-highest corporate tax rate in the OECD, behind only Colombia and Portugal.
“Returning to near the top of the OECD in corporate tax rates would be costly for a few reasons: It would disincentivize investment and encourage firms to shift profits and locate elsewhere, resulting in fewer job opportunities for Americans and less tax revenue for the U.S. government.”
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Democrats’ crippling tax hikes fall on the Middle Class and Main Street business.
- Main Street businesses will be hit with hundreds of billions of dollars in tax increases, while millionaires and well-connected corporations receive hundreds of billions of dollars in loopholes and tax rebates.
- The non-partisan Joint Committee on Taxation (JCT) found that workers will shoulder the burden of the tax hikes and that within 10 years of a corporate tax increase, 66.3 percent of the corporate tax burden would be borne by lower- and middle-income taxpayers.
- The JCT also found that 25 percent of the burden of Democrats’ tax hikes would be borne by workers in slashed wages.
Democrats’ global tax surrender will send jobs, investment, and businesses overseas.
- Under Republican tax reform, America saw an R&D boom. Under Democrats’ global tax surrender, it’s better to be a foreign company or foreign worker than it is to be an American company or American worker.
- According to the National Association of Manufacturers, the Biden Administration’s global minimum tax would destroy up to 1 million U.S. jobs.
- While millionaires and well-connected corporations receive hundreds of billions of dollars in loopholes and tax rebates, Main Street businesses will be hit with hundreds of billions of dollars in tax increases.