Repost from The Virginia Star.
President Joe Biden’s recently unveiled budget includes massive tax hikes, untrammeled government spending and “leftist” agendas, raising serious red flags, experts told the Daily Caller News Foundation.
The budget would raise the corporate tax rate to 28%, while the top income tax rate would rise to 39.6%. It includes 36 new tax hikes on American individuals and businesses, totaling roughly $2.5 trillion over the next decade, according to a review by the conservative Americans for Tax Reform (ATR).
“Workers bear about 70% of the cost of the corporate income tax, in the form of lower wages and fewer jobs,” Isabelle Morales, a policy communications specialist at ATR, told the Daily Caller News Foundation. “That’s not exactly what workers need right now.”
Morales noted the budget includes 11 new taxes on the American energy sector. “And that’s while Americans struggle to fill their gas tanks and the administration is begging foreign countries to sell us more oil,” she said.
A new 20% minimum tax would also be levied on households worth more than $100 million to address the “special treatment for the types of income that wealthy people enjoy” in the tax code.
Stephen Moore, former economic adviser to President Donald Trump and current senior economist for FreedomWorks, told the DCNF that the proposed budget would make the U.S. less competitive on the world stage as China takes steps to increase its power.
The Chinese Communist Party announced 2.5 trillion yuan ($393.3 billion) in tax cuts, making 2022 the fifth year the country has decreased taxes, Bloomberg reported. Cumulatively, the cuts add up to 9.7 trillion yuan, which is more than the 2017 Trump tax cuts, at the current exchange rate.