Biden Set to Announce Proposal For Massive Tax Increase During SOTU

During the State of the Union speech tonight Joe Biden plans on announcing his plan to raise corporate taxes by a massive 40% as well as tax of 25% on the very wealthy.

Via The Daily Wire:

Biden would raise the corporate tax rate to 28% and the corporate minimum tax to 21%. Currently, the minimum corporate tax rate stands at 15% after Biden implemented that earlier in his presidency. Biden would also refuse companies tax deductions for employees making over $1 million. “The President is proposing to levy a 25 percent minimum tax on the wealthiest 0.01 percent, those with wealth of more than $100 million,” the White House stated.

Former President Trump, the presumptive GOP 2024 presidential nominee, would reportedly make the tax cuts he implemented in his first term – which reduced corporate taxes from 35% to 21% — permanent.

During Trump’s administration, the four quarters preceding January 2019 saw real gross domestic product soar more than 3 percent, the best since the second term of George W. Bush’s presidency 13 years before.

As with most of things that come from the Biden administration this idea is dumber than dirt and a sure fire way to cripple the US economy even more than they’ve already done.

Raising corporate taxes by 40% simply make all of the things we consume, from food to furniture to entertainment and on and on, even more unaffordable that they already are.

Corporations will simply pass the costs on to consumers.

The Biden administration wants us to believe that inflation and shrinkflation is caused by corporate greed and not by out of control government spending and money printing.

The good news is the vast majority of people know the truth so Biden can lie about it during his state of the union speech but no one but leftist sheep will believe him.

The other good news is Biden’s plan for a 40% increase in corporate taxes and a 25% tax on the wealthiest is dead in the water, at least for the moment.