Democrats are infamous for railing against what they refer to as “trickle down economics”; if you let the left tell it, so-called trickle down economics only cheat the middle and lower classes out of opportunities and money while the wealthy thrives.
What’s most ironic about Democrats’ complaints about “trickle down economists” is their inability to apply this same principle to taxes. Democrats rail against trickle down economics, yet don’t understand that taxes applied to the wealthy do inevitably trickle down to the middle and lower classes.
Right now, President Biden is working hard to take the current corporate tax rate from 21% to 28%. As Breitbart News reports, the GOP continues to rail against this, noting that American jobs will go to foreign nations if Biden manages to pass a 7% corporate tax increase.
GOP Pushback Against Biden’s Proposal to Increase Corporate Taxes
Yesterday, Sen. Susan Collins of Maine spoke with CNN about a series of matters in current politics. The Republican senator discussed President Biden’s infrastructure bill and the alternate, less expensive package presented by the GOP.
At some point in the interview, CNN’s Jake Tapper questioned Collins about whether she’d get behind a corporate tax increase from 21% to 25%; Tapper framed this as a sort of compromise since Biden is presently pushing for 28%.
Sen. Susan Collins is against Biden's 28 percent corporate tax rate, says jobs would be lost
— PoliticsVideoChannel (@politvidchannel) May 2, 2021
Collins delivered a very to-the-point response. The GOP senator explained that she won’t get behind U.S. businesses having to pay the highest level of corporate taxes in developed countries. Collins furthermore condemned Biden’s desired 28% corporate tax rate, noting that this would send U.S. jobs overseas and put more Americans out of work.
Finally, the Republican senator stated that lawmakers have to assess various “pay-fors” and then determine the scope and top line of the legislation.
Will Biden’s Spending Packages Make it Through Congress?
In light of the 50/50 Senate split, Biden’s spending packages are unlikely to pass. Democrats don’t have the votes to end the filibuster, which is the last defense line against most bills passing the Senate on party vote alone.
— The Hill (@thehill) May 2, 2021
When President Biden spoke to Congress last week, he spent most of his time pressing for the passing of expensive bills. The president stuck to partisan talking points and furthermore failed to mention the crushing blow to U.S. jobs that would come from increasing corporate taxes.
Are you concerned about a 28% corporate tax rate sending American jobs over to foreign nations? Let us know down below in the comments section.