The Chinese might be Communist, but they still know they’ve got to compete on a global market if they’re ever going to take down America. Biden, luckily, also believes in taking down America, and has decided to throw the Chinese a bone, and throw American businesspeople a dagger: his new tax bill will raise business taxes in America to 28%, higher than Red China’s 25% rate. If you’ve ever wondered if Democrats could out-jump Mao Zedong’s Great Leap Forward, you may have your answer if this bill passes.
President Joe Biden plans to propose a tax on American businesses at a higher corporate tax rate than Communist China charges American businesses.
Biden will travel to Pittsburgh Wednesday to present a 2.25 trillion dollar package that would, if passed into law, increase the corporate tax rate from 21 percent to 28 percent, outdoing Communist China’s corporate tax rate of 25 percent, just after former President Trump lowered the tax from 35 percent to the current 21 percent.
According to the Washington Post, “The proposal would also increase the “global minimum tax paid from about 13 percent to 21 percent, as well as other measures aimed at taxing corporations that shelter profits offshore to avoid taxes.”
The proposal is already being met with some criticism on both sides of the aisle.
Rep. Alexandria Ocasio-Cortez (D-NY) tweeted Wednesday Biden’s effort is lacking urgency. “This is not nearly enough,” she said. Read more…