And so it begins....President Joe Biden announced major tax hikes on Wednesday as he reintroduced the $2.25 trillion American Jobs Plan proposal.
“America is… turning peril into possibility. Crisis into opportunity. Setback into strength,” Biden said about the plan which will raise $2.5 trillion in revenue over the course of 15 years.
Breitbart reports:
The ensuing tax consequences from the proposal are as follows:
-
- Raise the corporate tax rate from 21 percent to 28 percent
- Raise taxes on those making more than $400,000 a year
- Repeal tax cuts for income earned by American companies exporting goods and services abroad
- Expand the global minimum tax to 21 percent
- Repeal the tax code to limit corporate transactions in which a U.S. company moves its headquarters abroad by becoming a subsidiary of a foreign acquirer
- Shift the tax burden in energy sector from fossil fuels to clean energy in the form of subsidies
Senate Minority Leader Mitch McConnell described the proposal as an "Orwellian campaign" to relabel progressive policies as
As usual, everything Biden proposes will benefit Democrats but not the American people. Someone make this nightmare end!
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