Biden’s New Budget Includes Massive (Sneaky) Tax Hike On Workers

The mainstream media is completely ignoring this crucial fact.

The Biden administration recently released a $5.8 trillion-plus budget proposal. The president’s “billionaire tax” proposal and its terrible economics have received the most attention.

Yet there’s also a big tax hike on workers slipped into the fine print of President Joe Biden’s new budget. That pesky fact didn’t stop the president from repeating his big lie that only “the rich” will pay more under his plans.

But consider the facts. The plan includes a proposal for raising the corporate tax rate from 21% to 28%, which Biden said “ensures that corporations pay their fair share.” I know what you’re thinking: Boohoo, who cares if corporate bigwigs have to pay Uncle Sam more?

In reality, however, most economists agree that the corporate tax is in part born by the working class through lower wages. Studies have consistently found that more than 50% of the burden comes out of workers’ wallets. As for Biden’s corporate tax hike proposal specifically, a Tax Foundation analysis found that it would lead to lower wages, lower economic growth, and 159,000 fewer jobs.

Biden’s plan would also make us less competitive internationally. We would have one of the highest corporate tax rates among developed countries, making the United States less attractive for investment and encouraging offshoring. A tax hike on workers that further handicaps American industry and empowers global competitors—how’s that for “Build Back Better,” folks?

Biden’s plan has all these downsides, but it’s unclear what, if anything, it would actually accomplish.

Despite the president’s misleading rhetoric, there’s no burning need to make “the rich” and “Big Business” pay their fair share. We already have an extraordinarily progressive federal tax system. According to the Cato Institute, the top 0.1% pays more than 30% of all federal income taxes! Most estimates suggest the top 10% pays 70% of all federal income taxes.

What’s more, the federal government is doing a pretty terrible job with the money we’re already giving it to spend. The government lost fives time more to stimulus fraud than it spent developing the COVID-19 vaccines, for example. That’s Big Government in a nutshell.

Biden’s $1.9 trillion stimulus legislation?

It failed so spectacularly that we ended up with fewer jobs than we were projected to create without it being passed at all. The only thing it actually “stimulated” was runaway inflation.

Put simply, Biden should be looking to cut federal spending—not slipping more hikes on the working class into his budget proposal.

This article originally appeared in the Washington Examiner. 

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Brad Polumbo
Brad Polumbo
Brad Polumbo is a libertarian-conservative journalist and co-founder of Based Politics. His work has been cited by top lawmakers such as Senator Rand Paul, Senator Ted Cruz, Senator Pat Toomey, Congresswoman Nancy Mace, Congressman Thomas Massie, and former UN Ambassador Nikki Haley, as well as by prominent media personalities such as Jordan Peterson, Sean Hannity, Dave Rubin, Ben Shapiro, and Mark Levin. Brad has also testified before the US Senate, appeared on Fox News and Fox Business, and written for publications such as USA Today, National Review, Newsweek, and the Daily Beast. He hosts the Breaking Boundaries podcast and has a bachelor’s degree in economics from the University of Massachusetts Amherst.

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