Biden’s Plan to Raise Taxes Would Devastate the Economy

Biden's Plan to Raise Taxes Would Devastate the Economy

( – The American economy runs on the idea of supply and demand. When people have the means to spend money, they demand more goods and services. Americans can choose to supply those goods and services in exchange for payment. For this to work properly, though, money needs to be in the hands of the people instead of the government. Under Joe Biden’s tax plan, that simply wouldn’t happen.

Democratic presidential candidate Joe Biden plans to increase the corporate tax rate from 21% to 28%, among other tax hikes for major earners. Michael Strain, the Director of Economic-Policy Studies at the American Enterprise Institute, explains precisely what higher taxes do to production and the economy:

He explains further:

In an economy still recovering from the COVID-19 pandemic, a corporate tax hike could cripple the momentum American industries have gained over the past few months. Rather than restricting their capital, we should give American industries the freedom to invest in their communities and rebuild our country.

~Here’s to Your Prosperity!

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