From the American Rescue Plan to the American Jobs Plan, American Families Plan, etc., President Biden is proposing a dangerously liberal amount of spending.
Conservatives have sounded the alarm on Biden pushing for bills that would amount to a grand $6 trillion dollars in less than one year. This manner of spending is far from sustainable and Republicans know it.
As the Biden administration pushes for all this government spending, American taxpayers are the ones who will pay the price. With Biden’s packages come severe tax raises; the tax increases would hit citizens and businesses alike.
As the president campaigns to raise the corporate tax rate to 28%, Republicans are warning that this increase would ship U.S. jobs to foreign nations.
The problem with a 28% corporate tax rate
Under President Trump, the corporate tax rate rested at 21%. However, if Biden gets his way, the corporate tax rate will rise by 7%. The Democrat president frames this as corporations supposedly “paying their fair share”; however, the results of such a tax increase will only engender peril.
