I am often asked if President Joe Biden is intentionally trying to dismantle the American economy with his imbecilic energy, climate change, crime, border, inflation and debt policies. But I’ve always believed these policies are driven by a badly mistaken ideology — not malice.
Then I watched Biden’s State of the Union speech. When Biden thundered that he was going to make corporations “pay their fair share,” the Democrats in Congress leapt to their feet in applause.
When I read through the details of Biden’s new multitrillion-dollar tax plan, it’s hard to come up with any plausible explanation other than that he’s trying to make American industry less competitive. Biden’s tax scheme would hobble United States businesses with nearly the highest corporate tax rate in the world — higher than our primary competitors.
They’re the big winners here if (God forbid) these policies were adopted. Even China and Russia — one communist nation and one autocratic nation — would have LOWER tax rates on their businesses than we would on ours.
This will lead to an outmigration of capital from the U.S. to our rivals as sure as river water flows downstream.
One of my first meetings with former President Donald Trump was in early 2020 when I showed him a chart that indicated the U.S. had the highest tax rate of all our competitors. When Trump saw the chart, he instantly remarked, “This is like a Head Start program for all the countries we compete with.” His goal was to empower American businesses with the lowest rate in the world. We didn’t get the rate down to 15%, but we did lower it to 21%.
This helped attract more than $1 trillion back into the United States from all corners of the globe — from Switzerland to Bermuda to Euroland. It helped raise incomes for working-class Americans despite being disparaged as a “tax cut for the rich.” As Trump once put it, because of the lower tax rates and other pro-growth reforms, for the first time in decades factories moved from Mexico to Maryland rather than the other way around.
Meanwhile in Ireland the 12.5% corporate tax rate has helped make that nation the fastest-growing land in all of Europe. They even have a budget surplus. That’s right. The lower tax rates have ushered in revenue.
But Biden and the Democrats would rather bash big business for not paying “their fair share” than fix the problem sensibly. Ironically, the one industry in America that pays virtually no business tax is the green energy colossus. Why don’t we start with making THEM pay their fair share, which clearly isn’t zero?
The White House estimates their plan will raise $500 billion over a decade from corporations. Of course, corporations are owned by 130 million Americans with 401(k) plans and other retirement packages.
Not just the top 1% are going to get zapped here.
Economist Kevin Hassett, who was Trump’s chairman of the Council of Economic Advisers, has shown corporate tax rates are statistically inversely related to worker wages. Lower tax rates mean higher worker pay.
So blue-collar America will pay a large share of the Biden tax hike’s burden.
But the Biden economics team is in denial on the science. They reject the real-world evidence that high tax rates deter job growth and investment, they ignore the Ireland experience, and they pretend the rich will bear all the burden of a tax that will hurt all American workers and consumers while benefiting our global competitors.
These inane tax-hike policies will put America last — literally and figuratively.
Stephen Moore is a visiting fellow at the Heritage Foundation and a senior economic advisor to Donald Trump. His latest book is: “Govzilla: How the Relentless Growth of Government Is Devouring Our Economy.”
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Only the Democrat Party’s “useful idiots”, complete Fools, U.S. enemies and illegal immigrants would continue to vote for Democrat Party rule.
This Treasonous, dishonest, destructive, woke, immoral, Socialist Democrat Party’s and their Democrat RINOs objective is to deliberately lie, cheat and steal. To disregard the U.S. Constitution and our laws, in order to take total control of the American people by restricting U.S. citizens their constitutional rights and freedoms, including freedom of speech. Stopping oil production, increase Spending, Taxes and the inflation cost of everything and bring American commerce and economy to its knees and to promote Socialism, enforced by their political DOJ, their FBI Gestapo and IRS.
Then access power and retain it by any means available –
No matter the costs to the people, the government, or the nation.
The great democrat lie is that the border crisis is all about race and that black and Latino illegals and legals will all vote democrat once established here. They are in for a big surprise when tons of abused LEGAL Black and Latino citizens born and bred here bail out of their party not because of bad racial relations, but of bad American Biden leadership that has destroyed Americans of all colors. The Democrats are already in a panic as Both abused and financially depleted Blacks and Latinos are bailing out in polls vindicated, in more than enough quantity to swing the election from Biden to Trump, proving that the only real racial destructive imperative is within the Biden Democrat party leadership of mind manipulation, whose deceptive abuse of ALL races is now too obvious to refute. Our people of all races have become members of the walking Democrat wounded, and NOTHING is more dangerous to Biden and his minions than a wounded American animal no matter what its stripes. Biden is the big game hunter who caged whatever American he could catch with his lies. Once released it will be Joe and his party leadership that becomes the hunted and prey, who should have prayed more and acted/deceived less.
THere is NOTHING “Unintentional” about what the dems are doing to this nation.. NOTHING!
Make no Mistake,,,,the democrats would have you think that the border crisis is a matter of color with white America seeking to keep out their fellow humans of dark skin. This is a party imposed chimera,,,,a thing hoped for or wished for but in reality is illusionary and impossible to achieve, just as continuously accusing law abiding Americans that they are wrong in defying lawbreaking foreigners whose first act upon entering the USA is to break our immigration laws thinking they will not hesitate to break ALL our laws if politically given the opportunity via Democrat guilt tripping. In Greek mythology a chimera was a female fire-breathing monster with a lion’s head, a goat’s body, and a snake’s tail. Our modern democrat chimera’s have a Biden hyena’s head, a Democrat donkey’s body, and a Hunter Biden’s implanted phallus. Will Biden ever again be able to walk across a political stage as if his adult diapers were actually empty? To Joe a budget surplus is when the Chinese send back too much Laundered money.
This border crisis is NOT ABOUT RACE or economics, but an outright attempt to bring in and flood the United States, with corrupt minded, selective malleable minded lawbreaking people, who will reflect the lawbreaking mindset of the Democrat party and their prevaricating deceptive President who is about to get found out and politically and electorally gutted like a fish, that ends up ripe and smelling three days after the upcoming election, just like Hillary.
Most of those i know, who are VENEMOUSLY AGAINST illegal aliens, ARE immigrants who did the RIGHT THING AND CAME in legally. Whether latino, asian OR african.
RACE IS NOT AN ISSUE. Legality is!