When President Joe Biden arrived back at the White House today after spending Easter with his family, he was met by the press with questions regarding his plan to heighten corporate tax rates. The concern among his opposition is that this new tax increase which is meant to fund his “infrastructure” plan, is really a way to obtain funding for the Democrat’s “New Green Deal” agenda.
When pressed about the possibility of large corporations moving overseas to avoid new taxation, Biden responded, “‘There’s no evidence to that. You’re talking about companies in the Fortune 500 that haven’t paid a single penny in tax for 3 years. Come on, man.”
The GOP has repeatedly criticized this plan, insisting that there are too many social initiatives in the plan that they don’t deem necessary or related to the overarching proposition of infrastructure investment. The proposed tax hike continues to be met with dissent from Republican lawmakers who believe the plan will raise the corporate tax too high and result in negative economic effects.
While this could affect the location of large corporations in the U.S., it could also impact Americans earning $200,000 a year.