Posted: Jun 11, 2021 12:01 AM
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Joe Biden and Congressional Democrats’ plan to give the United States the highest corporate tax rates in the developed world will harm America’s economy, kill American jobs, and give China a leg up in their quest for world domination. If Biden and congressional Democrats get their way, our corporate tax rate would be substantially higher than Communist China’s rate. American workers would suffer the most as their jobs are exported abroad to lower taxes and lower cost nations.
But it isn’t just corporate income taxes that the Democrats and Biden want to raise. They also want to raise taxes on Global Intangible Low Tax Income (GILTI) to 21 percent. This has the effect of imposing a minimum tax and creates a stimulus program for workers around the globe, but not in the U.S. Biden’s plan would penalize American companies with a massively higher minimum tax and at the same time exempt foreign competitors. There is no good reason to hamstring American companies,