On Sunday, GOP Sen. Susan Collins spoke to CNN about the dangers of Biden increasing the corporate tax rate. The GOP lawmaker pointed out that in response to the president’s infrastructure package, Republicans submitted an alternate package that is much less costly.
When asked by CNN if she’d support a corporate tax rate increase, Collins made her position clear. The Republican senator explained that she won’t back businesses paying a corporate tax rate that is highest amongst developed nations. After making this point, Collins moreover noted that a 28% corporate tax rate means jobs leaving the United States.
This means that in the end, American workers, not giant corporations, will suffer if Biden increases the corporate tax rate.
Higher taxes and the U.S. economy
Right now, the economy is making a fiscal comeback; this comeback is surpassing the expectations of economists. However, if Biden and Democrats succeed in their efforts to raise taxes, the economy will suffer and regress.
Republicans are working mightily to keep the Biden administration from increasing taxes on the American people. Despite left-wing claims, the assertion that only wealthy Americans will pay higher taxes is simply a bait and switch; the taxes that Democrats attempt to impose on the wealthy always trickle down to middle and lower classes.
