The middle class will pay for the largest tax increase since 1968.
Biden administration, day 71.
Biden proposes the largest unfunded spending package in US history and the largest tax increase since 1968.
Remember when Biden said he wouldn’t raise your taxes.
He lied.
From the article:
“The great political fakery here is that corporate taxes merely fall on CEOs and rich shareholders. But as everyone knows, corporations don’t really pay taxes. They are vehicles for collecting taxes that are ultimately paid by some combination of customers in higher prices, workers in lower wages, and shareholders in lower returns on investment.The economic literature is clear on this point. Kevin Hassett, Aparna Mathur, Laurence Kotlikoff and other economists have done extensive work showing how lower corporate tax rates result in higher wages. Higher after-tax profits mean more corporate investment, which means more productive workers, whom companies can afford to pay more.In other words, Mr. Biden’s corporate tax increases will hit the middle class hard—in the value of their 401(k)s, the size of their pay packets, and what they pay for goods and services. This damage won’t show up immediately, especially as the economy booms as Covid eases this year, but the corrosive impact will compound in the coming years.”