Corporate COVID ‘windfalls’ are a myth

Corporate COVID ‘windfalls’ are a myth
White House video, YouTube

[Ed. – Just one of many fictions he is promoting.]

Now that its debt-funded relief program has become law, the Biden administration is looking to bankroll even bigger spending programs — the American Jobs Act, announced Wednesday, calls for higher taxes on corporations, and another bill is reportedly coming soon calling for higher taxes on wealthy individuals. The usual narrative pushing tax hikes is that the rich should pay their “fair share.” But President Biden has introduced a new one: that the rich got windfalls during the pandemic while ordinary people suffered.

There can be a debate about what constitutes a “fair share” of the overall tax burden. But the purported economic disparities in the pandemic … are illusory.

According to … the Commerce Department’s Bureau of Economic Analysis, wages, benefits and small-business proprietors’ income was running at $1.08 trillion a month in February 2020, the last complete month before the pandemic started to shut down the economy.

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