(LibertySociety.com) – One of former President Donald Trump’s crowning achievements while in office was the 2017 tax reform law. It was something the GOP wanted for a long time, and he made that happen. Unfortunately, his successor is now trying to destroy it.
On Wednesday, March 31, President Joe Biden unveiled the American Jobs Plan, a massive $2.25-trillion infrastructure plan that would span about eight years. The administration wants to pay for the project by increasing the corporate tax rate from 21% to 28%. Trump lowered the rate to 21% with his 2017 tax law. Biden would also raise the global minimum tax on American corporations from 13% to 21%.
Let’s be clear: Biden’s radical $2 trillion “infrastructure” bill is just the Green New Deal under a new name.
– Raises taxes
– Increases debt
– Bans right to work laws
– Kills energy jobs
– Mandates Green New Deal provisions
And taxpayers are on the hook for all of it.
— Steve Scalise (@SteveScalise) March 31, 2021
Raising taxes on anyone during a pandemic doesn’t seem like a very good idea. In fact, a recent study by the Tax Foundation found that corporate tax increases would reduce the GDP (the total amount of goods and products the country makes) by 0.8%, reduce workers’ wages by 0.7%, and erase over 150,000 jobs. Is Biden really so focused on destroying Trump’s legacy that he would be willing to hurt the American people in the process?
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