Congress is debating a sharp increase in the corporate tax rate as well as other business levies this week. The Biden Administration claims only big corporations will have to fork over more cash.
This episode of What’s Ahead shows how that assertion is nonsense.
A ton of economic research over the years has found that when it comes to these kinds of levies, companies are merely tax collectors for the government. Consumers, shareholders and customers actually pay the tax.
The nonpartisan congressional Joint Committee on Taxation finds that over the next ten years, low- and middle-income taxpayers would pay two-thirds of Biden’s corporate tax increase.
The left-leaning Tax Policy Center concludes that the Democrats’ plan would raise taxes on 75% of middle-class families within a year and 95% within ten years.
The Biden push, if successful, would hurt just about everyone.