We all knew it was coming….it was only a matter of time.
As it turns out, just over 70 days into his first term is when Joe Biden would make the predictable liberal lurch toward punishing the wealthy via tax reform, as part of the radical left’s “tax the rich” ethos. Biden owes the progressive wing of the party, after all, since they didn’t abandon him like they did Hillary Clinton back in 2016.
So, not only is No. 46 looking at hiking the corporate tax rate, but he is considering closing up shop in the Caymans, too.
President Joe Biden’s tax plan would hike the corporate tax rate to bring in $2.5 trillion over 15 years to fund the sweeping $2 trillion infrastructure proposal unveiled last week, according to details released Wednesday by the Treasury Department.
Ambitious in scope by any means, the Made in America Tax Plan would raise the corporate tax rate from 21 to 28 percent, establish a sort of alternative minimum tax for high-earning corporations and attempt to close loopholes around offshoring profits.
The plan would capture $2 trillion that otherwise would “flow out of the country,” according to a Wall Street Journal op-ed written by Treasury Secretary Janet Yellen.
The move has squad written all over it, and once again reiterates that Biden’s promise of a moderate, compromising presidency was nothing but hot air.
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