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As Americans struggle, Biden's tax plan helps blue states and foreign nations


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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 corporate tax hikes. There is debate over how much workers bear of this tax, with some economists arguing just 20 percent is borne by labor, while others argue 50 percent or even 100 percent of the tax hits workers.  But even if we assume that workers bear just 20 percent of the corporate tax, workers will collectively be hundreds of billions of dollars worse off.  ....

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