[Ed. – What does Biden care so long as it plays well with the radical Left, which he seems to think is somehow responsible for his election?]
President Joe Biden has proposed trillions of dollars of tax increases on businesses, including raising the corporate tax rate from 21% to 28%. The president claims his new taxes will not touch anyone earning less than $400,000.
Most economic experts, however, disagree. They believe that working people will be hurt by these tax increases. That harm will come in the form of slower economic growth, fewer jobs, higher prices, and lower wages. Numerous studies have shown that raising corporate taxes lowers workers’ wages. Economists debate how much these tax increases lower wages, but economic and tax experts all agree that corporate tax hikes will reduce workers’ wages.
About two-thirds of Biden’s tax increases fall on corporations, as opposed to wealthy individuals. This means more of the tax increases will fall on average working people.