President Biden\u2019s top economic advisor, White House National Economic Council Director Lael Brainard, vowed on Friday that Democrats would raise taxes \u201coverall\u201d in 2025 if Biden is reelected.<\/p>\n
\u201cWe should use the 2025 tax debate as an opportunity to raise revenue overall,\u201d Brainard stated in her prepared remarks on Friday.<\/p>\n
Brainard\u2019s announcement of Biden\u2019s intent to raise taxes overall was no accident. Brainard\u2019s prepared remarks come on the heels of Biden\u2019s own repeated statements last month to let the 2017 Trump tax cuts fully expire, a clear violation of his pledge to not raise taxes on anyone earning less than $400,000.<\/p>\n
\n\u201cBy the way that tax cut of his expires in the next year. Well let me tell you something: It\u2019s going to stay expired and dead forever if I\u2019m re-elected.\u201d<\/strong><\/em> \u2013 President Biden on April, 24th\n<\/p><\/blockquote>\n
This means all income levels would end up paying higher taxes under Biden\u2019s watch, a blatant violation of the\u00a0Biden pledge\u00a0to ensure that every American making less than $400,000 a year does not see\u00a0a single penny of tax increase.<\/p>\n
In contrast to the tax-hiking Biden, former President Donald Trump\u00a0has made clear he will make TCJA permanent\u00a0and then cut taxes more.<\/p>\n
Brainard Vows Corporate Rate Hike on Businesses<\/strong><\/p>\n
Brainard went on to vow that in 2025 Biden will raise taxes on businesses by undoing the President Trump\u2019s corporate tax rate cut from the 2017 Republican tax cuts.\u00a0<\/p>\n
\n\u201cThe President\u2019s Budget\u00a0would\u00a0scale back the TCJA\u2019s corporate rate cut by bringing it to 28%\u2014only halfway back to the previous 35% rate,\u201d Brainard stated.\n<\/p><\/blockquote>\n
Biden\u2019s plan to hike the corporate rate to 28%, up from the Trump rate of 21%, would have disastrous consequences for the economy including killing jobs, lowering wages for workers, and slowing economic growth.<\/p>\n
A recent analysis from the Tax Foundation on Biden\u2019s proposed budget found that Biden\u2019s 28% corporate rate was the largest driver of negative economic effects in the entire Biden budget.<\/p>\n
Here it is straight from Tax Foundation\u2019s analysis:<\/p>\n
\n\u201cRaising the\u00a0corporate income tax\u00a0rate to 28 percent is the largest driver of the negative effects, reducing long-run GDP by 0.9 percent, the capital stock by 1.7 percent, wages by 0.8 percent, and full-time equivalent jobs by 192,000.\u201d\n<\/p><\/blockquote>\n
Economic research overwhelmingly confirms that workers bear the burden of corporate tax hikes, with most studies concluding that 70% of the economic cost of the corporate tax falls on labor.<\/p>\n
Biden is excited to raise taxes on the American people. Overall, his 2025 budget calls for\u00a0$5 trillion in tax hikes\u00a0over a decade. Biden\u2019s 28% corporate tax rate would be higher than communist China.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Biden’s top economic advisor, Lael Brainard, stated that Democrats would raise taxes overall in 2025 if Biden is reelected. Biden plans to raise taxes on businesses by undoing the corporate tax rate cut from the 2017 Republican tax cuts, increasing the rate to 28%. This move is expected to have negative economic effects, including reducing GDP, the capital stock, wages, and jobs.<\/p>\n","protected":false},"author":6,"featured_media":11980,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,155,5800,6393,8625,492,3489,1766,486,1240,6262,3681,4498,4919,4117,166,6629,645,8139,26,696,3767,9092,9046,2294,3398,1823,28,9833,4484,9597,6121,4843,3360,375,550,1022,6074,5612,1065,9076,3358,9548,4222,4343,4556,3912,1183,9563,618,841,8514,170,4870,457,165,9204],"class_list":["post-11979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-accident","tag-americans","tag-analysis","tag-april","tag-biden","tag-biden-budget","tag-budget","tag-china","tag-clear","tag-consequences","tag-corporate-income-tax","tag-corporate-tax","tag-corporate-tax-rate","tag-democrats","tag-donald-trump","tag-driver","tag-economic-growth","tag-economic-research","tag-economy","tag-gdp","tag-growth","tag-higher-taxes","tag-house","tag-income","tag-income-tax","tag-increase","tag-jobs","tag-killing","tag-labor","tag-move","tag-opportunity","tag-president","tag-president-biden","tag-rate-cut","tag-rate-hike","tag-republican","tag-research","tag-revenue","tag-tax","tag-tax-cut","tag-tax-cuts","tag-tax-debate","tag-tax-hikes","tag-tax-increase","tag-tax-rate","tag-tax-reform","tag-taxes","tag-tcja","tag-top","tag-trump","tag-trump-tax-cuts","tag-violation","tag-wages","tag-white","tag-white-house","tag-workers"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n
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