Young Not Stupid: Democrats' $3 Trillion Tax Hike Would Hit the Economy Like a Mack Truck
The following is an installment in a weekly series of commentary articles by Cameron Arcand, founder of the conservative commentary website Young Not Stupid and a contributor to The Western Journal.
Democrats may seem well-intentioned to their voters, but their policies almost always come back to bite the average American taxpayer.
Americans for Tax Reform, a fiscally conservative advocacy organization, released new data on the proposed $3 trillion corporate tax hike that is part of the $3.5 trillion Democratic budget bill.
The group suggested that increasing the corporate tax rate from 21 percent to 26.5 percent “will be passed along” to workers and consumers nationwide, as it will lead to pay and job cuts and higher prices.
Americans for Tax Reform added that the U.S. will struggle to compete with other countries with a combined federal and state tax rate of 30.9 percent.
That combined rate would be higher than China’s and Europe’s — where companies would inevitably ship off their jobs if the tax hike costs them enough money.
According to Americans for Tax Reform, the average tax rate in the developed world is 23.5 percent. The Tax Cuts and Jobs Act of 2017 cut the U.S. corporate tax rate from 35 percent to 21 percent.
It’s easy for Democratic politicians to say they want corporations to pay their “fair share” and simply sweep the consequences under the rug.
Thankfully, moderate Democratic Sens. Joe Manchin of West Virginia and Krysten Sinema of Arizona have remained firm in their opposition to the proposed budget.
“There’s not a rush to do that right now. We don’t have an urgency,” Manchin said Sunday, according to the Washington Examiner.
“Don’t you think we ought to debate a little bit more, talk about it, and see what we’ve got out there?”
“Proceedings in the U.S. House will have no impact on Kyrsten’s views about what is best for our country — including the fact that she will not support a budget reconciliation bill that costs $3.5 trillion,” Sinema spokesman John LaBombard said, according to Politico.
It is reckless to even consider spending this amount of money, and Republicans are fighting back against the push to increase the debt ceiling.
Manchin and Sinema are right to reject such an expensive bill and a tax increase in what is already a period of economic recovery.
When pressed about his concern regarding the $3.5 trillion budget resolution, Sen. Joe Manchin tells @GStephanopoulos that his colleagues in Congress aren’t talking enough about inflation.
“Why are we rushing it for this one week?” https://t.co/yTVPGj7xJg pic.twitter.com/fb7On6dsMs
— This Week (@ThisWeekABC) September 13, 2021
Corporate tax rates might not seem to affect average people, but a huge increase would certainly hurt American wallets.
Although it was overshadowed in the news in August, the consumer price index is still reflecting the impact of inflation. It’s up 5.3 percent since last August, Fox Business reported.
A ludicrous amount of government spending paired with rising taxes will only make matters worse — and everyday Americans will be forced to bear the burden.
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