President Joe Biden\u2019s 2025 budget blueprint won\u2019t become law, but it provides a glimpse of what the nation can expect if he wins reelection and Democrats gain control of Congress. Middle-class Americans frustrated by the rising prices triggered by Bidenomics should be prepared for more of the same.Biden\u2019s budget, unveiled in March, calls for spending at a record pace. The debt would continue to soar, and trillion-dollar deficits would become the new norm. This despite billions in higher taxes. The president has vowed not to increase taxes on those who earn less than $400,000 a year, but the practical effect of his efforts to jack up corporate rates would be to separate all Americans, regardless of income, from more of their hard-earned money.The Biden plan is straight out of Sen. Bernie Sanders\u2019 handbook: Go after the evil capitalists. Biden seeks to increase the U.S. corporate tax rate by one-third, to 28%. In addition, he proposes a 40% leap in the corporate alternative minimum tax.This plays well in populist and progressive circles, where economic literacy is often in short supply. But corporations don\u2019t pay taxes. They collect them from those who purchase their goods and services.\u201cWhen the corporate tax rate increases,\u201d economist and former U.S. Senator from Texas Phil Gramm and Mike Solon, a Washington, D.C.-based policy-metrics advisor, wrote in an op-ed for the Wall Street Journal, \u201ccorporations try to pass the cost on to consumers. To the degree that the entire cost of the tax increase can\u2019t be passed on to consumers, those costs are borne by employees and investors.\u201d<\/p>\n
ADVERTISEMENT<\/span><\/p>\n And who are those investors? The writers report that, according to TaxNotes, \u201c72 percent of the value of all domestically held stocks is owned by pension plans, 401(k)s, individual retirement accounts and charitable organizations\u201d or life insurance companies. In other words, vehicles upon which many average workers depend for their long-term benefit.Gramm and Solon cite a recent Treasury study that found that almost half of all U.S. families \u201cpay more in corporate taxes than they do in individual income taxes.\u201d This means, the writers point out, that Biden\u2019s corporate tax plan would cost low- and middle-income Americans more money than if Congress raised their income tax rates.Republicans would do well to pound away on these economic realities in the upcoming campaign. They might also highlight how these corporate tax proposals are brought to the American people by a president who created the stifling inflation with which families have struggled for the past few years \u2014 inflation that Biden never saw coming.\u2014 Las Vegas Review-Journal (reviewjournal.com)<\/b><\/p>\n","protected":false},"excerpt":{"rendered":" President Joe Biden’s 2025 budget blueprint includes plans to increase corporate taxes, which could ultimately cost low- and middle-income Americans more money than if their income tax rates were raised. The budget calls for record spending, soaring debt, and trillion-dollar deficits, despite promises not to increase taxes on those earning less than 0,000 a year. The plan is similar to Sen. Bernie Sanders’ approach and aims to target corporations, but economists argue that corporations pass on tax costs to consumers, impacting employees and investors, including those with pension plans and retirement accounts. Republicans may use these economic realities in the upcoming campaign.<\/p>\n","protected":false},"author":6,"featured_media":12660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,5101,5800,8178,6497,492,8869,7799,1766,8647,1221,33,6196,2021,4292,4498,7800,4919,3399,5099,2511,898,7725,4117,260,5596,7704,9092,2294,3398,4924,4773,1823,67,7818,3404,756,5679,5548,7776,4304,2628,10669,4833,3335,4843,1670,1033,4927,10679,7309,8171,4620,1005,737,5565,4555,5536,1806,3480,1065,4343,3844,3488,4556,5680,1183,973,2463,10262,255,3519,6305,9204],"class_list":["post-12659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-alternative-minimum-tax","tag-americans","tag-average-americans","tag-benefit","tag-biden","tag-biden-tax-plan","tag-bidenomics","tag-budget","tag-budget-blueprint","tag-campaign","tag-companies","tag-congress","tag-consumers","tag-corporate-alternative-minimum-tax","tag-corporate-tax","tag-corporate-tax-plan","tag-corporate-tax-rate","tag-corporate-taxes","tag-corporations","tag-costs","tag-debt","tag-deficits","tag-democrats","tag-dollar","tag-families","tag-frustrated","tag-higher-taxes","tag-income","tag-income-tax","tag-income-tax-rates","tag-income-taxes","tag-increase","tag-inflation","tag-insurance","tag-investors","tag-joe-biden","tag-law","tag-life-insurance","tag-march","tag-minimum-tax","tag-money","tag-organizations","tag-policy","tag-pound","tag-president","tag-president-joe-biden","tag-prices","tag-progressive","tag-promises","tag-purchase","tag-record","tag-report","tag-republicans","tag-retirement","tag-retirement-accounts","tag-rising-prices","tag-sanders","tag-services","tag-spending","tag-tax","tag-tax-increase","tag-tax-plan","tag-tax-proposals","tag-tax-rate","tag-tax-rates","tag-taxes","tag-treasury","tag-vehicles","tag-view","tag-wall-street","tag-washington","tag-who","tag-workers"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n