For months, both before and after the election, Joe Biden promised that no one who earned under $400,000 would pay "a single dime" in additional taxes under his plans. But now we find out that his budget allows the cuts to all taxpayers in the Trump tax cuts to expire, thus a direct increase on most Americans.
But the bigger lie came in his very first tax proposal which will raise taxes on every American, including those who don't have jobs. He plans to raise corporate income taxes by 33%. The problem is that no corporation in the history of time has ever paid a dime in taxes. Yes, they may write big checks to the government when they can't avoid it, but where is that money coming from? It comes from us, every dime. It comes out of our 401(k) plans in lower stock values and dividends, it comes out of our paychecks in lower wages and fewer jobs, and it comes out of our pockets in higher prices for everything we buy.
Who benefited the most from the corporate tax cuts in the 2017 Tax Cuts and Jobs Act? Lower and middle income Americans. The incomes and net worth of the two lowest quintiles rose faster than any other in 2018 and 2019. Unemployment hit record lows for minorities. Those are the same groups who will be hit the hardest by the proposed increase in corporate taxes. The corporate tax is an insidious lie. It is a back-door way to tax every single American and it hits the lowest income levels the hardest.
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