By Taxpayers Association of Oregon
President Biden this week rolled out a massive business tax increase that will raise over $130 billion a year (chart: $1.3 trillion over 10 years) by pledging to raise the corporate income tax from 21% to 28%. Combine this national Corporate Tax rate with Oregon’s 7% Corporate Tax (6.6%-7.6%) and you now have a combined 36% business tax.
Biden’s new 28% Corporate Tax rate would make the United States one of the most expensive places to run a business.
For comparison, China’s Corporate tax rate is only 25%. Biden would make America less business friendly than Communist China.
This will drive up the cost of good already spiked by the highest inflation rate increase in 40-years.
Biden’s plan also includes a very undefined wealth tax where higher income Americans would be paying taxes on what they own (assets) and not on their profit.
Biden hopes to raise $1.6 trillion in new taxes over ten years through his new two tax schemes according to the National Taxpayers Union. This is to pay for the trillion-plus in extra spending He plans to spend.