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Cutting corporate tax helps consumers

Phasing out North Carolina’s corporate income tax over the next few years will generate economic benefits far greater than the apparent fiscal cost.

Print this article President Joe Biden has proposed $3.5 trillion in new and higher taxes. While Biden claims these taxes will be paid by large corporations and "the rich," they will also harm working families and small businesses in the form of fewer jobs, lower wages, higher costs, and a weaker economy. Biden has proposed raising the corporate tax rate from 21% to 28%, which would give the U.S. a corporate rate higher than China. He has also called for a 21% global minimum tax and a 15% minimum tax on "book income." Biden has also proposed creating a second death tax by repealing the step...

ADVERTISEMENT While Biden has repeatedly claimed he will not raise taxes on Americans making less than $400,000 per year, he is proposing $2 trillion in new taxes that will be borne by American workers and families in the form of fewer job opportunities, lower wages, and reduced life savings. This plan calls for raising the corporate tax rate from 21 percent to 28 percent and creating several new taxes on businesses like a 21 percent global minimum tax and a 15 percent book tax. As noted by Stephen Entin of the Tax Foundation, labor (or workers) bear an estimated 70 percent of the burden of c...