President Joe Biden defends corporate tax rates he's proposing and tries to play the good guy for the little man and the middle class. He literally says in this video "I'm not trying to punish anybody. But, damn it… I'm sick and tired of ordinary people being fleeced."
Biden wants big corporations to pay more in taxes. Good. They should pay more. Just remember that they might push that cost down to the little guy so in return, it's very possible that we might pay more to offset their costs. It's hit or miss and won't be the same for everyone, but it's definitely a possibility.
Biden also keeps suggesting he won't raise any taxes on people earning $400k or less.Sponsored
CNN chimed in and at the very last sentence of their post, they admit that some people might bear the brunt of the corporate tax hikes.
Here's what CNN posted:
Here's the impact on those making less than $400,000
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During the ABC News interview, Biden reiterated his pledge to not raise taxes on anyone making less than $400,000 a year -- a claim he made repeatedly during his campaign. That would cover about 90% of taxpayers.
An analysis of Biden's campaign proposals by the Tax Policy Center, as well as models from the Committee for a Responsible Federal Budget and the Penn Wharton Budget Model, found that to be true. They show that families earning less than $400,000 a year won't see a direct increase in federal taxes.
In fact, middle-income households could see an average tax cut of $680 and low-income households could see their tax bills fall by $760 for 2022, the center found.
But the story is a little different when considering indirect taxes, like the corporate tax hike Biden is proposing. Economists assume that workers eventually bear some of the cost of those taxes. They won't see a higher income tax rate, but their after tax-wages could eventually be lower.
Well there ya go! It seems like no matter who gets taxes, everyone gets stuck paying somehow.
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