On Jan. 1, 2018, under President Trump, the corporate tax rate was reduced from a decades-long tiered structure that staggered corporate tax rates based on company income to a flat rate of 21% for all companies.
CBS News reported about Biden’s proposed corporate tax rate increase to help pay for his ridiculous $2 trillion “Jobs” plan – Lawmakers are gearing up for a battle over raising taxes as the Biden administration and Democrats move forward with efforts to invest in infrastructure. As part of his $2 trillion American Jobs Plan, President Joe Biden is proposing an increase of the corporate tax rate to 28% from its current 21%.
But Republicans are already raising alarms. Senate Minority Leader McConnell suggested it’s a “Trojan horse” for a massive tax increase. Republican staff on the Senate Finance Committee said Wednesday the proposed tax increases on American businesses would put U.S. companies at a disadvantage globally and translate to fewer jobs, lower wages, and lower retirement account values for workers.
This afternoon, while delivering a speech on economic recovery at Tri-C Community College in Cleveland, Ohio, a state where he took a beating in the 2020 election, Joe Biden discussed his plans to take a wrecking ball to the incredible economy he inherited from Trump. The only problem with Joe’s explanation is that as usual, much of what Joe is telling the American public doesn’t make sense.
“Look,” Biden warned, “We could raise the corporate tax rate back to 28%,” adding” it was, by the way, 36%! It came down to 28%.”
Fact check: FALSE! The current corporate tax rate is 21%. The tax rate, under the Trump administration, was lowered in January 2018, from 35% to a flat rate of 21%.
Joe Biden confusedly claims the business tax rate is already at 28% while advocating for raising it to 28%
The business tax rate is 21% pic.twitter.com/fB7wpRcuZh
— RNC Research (@RNCResearch) May 27, 2021