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Biden now wants to raise tax rates for US corporations to more than double those of China

After destroying individual freedoms, the supply chains, the US military in Afghanistan and the economy, Joe Biden now wants to increase the pain on Americans by significantly increasing taxes.

Everything Biden does helps China and hurts the US. Biden is now pushing for higher taxes on U.S. companies that will increase business abroad and increase costs on products and services across the board. The Association of Adult American Citizens (Amac) reports the following.

Americans received more unwelcome economic news yesterday as third-quarter GDP numbers fell far below expectations, which marks the slowest period of recovery so far. Despite clear signs that their economic policies are already hampering the recovery that began under President Trump, Democrats have continued to pursue their massive spending package, officially titled the “Build Back Better Act,” or BBB …

… As the Democrat-controlled House Ways and Means Committee reveal last month, Biden’s spending plan corporate tax rate from 21% to 26.5%, above the global average of 23%. According to the Taxation, such an increase would also American companies at a higher tax rate than communist topics China. There, companies pay a standard corporate tax rate of 25%, and certain industries encouraged by the Chinese government can see rates as low as 15%.

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The Democratic plan will also “increase the long-term capital gains and qualifying dividend tax rate to 25%” according to the Tax Foundation, and will create a new 3% tax on adjusted gross income above $ 5 million, in addition to the current law 3.8% net investment income tax. ” That, combined with state-level taxes, would make the integrated corporate income tax rate 56.6 percent, more than double that of China. This will give America the third highest integrated tax rate in the developed world. The only nations with a higher rate will be Ireland and Korea. As devastating as it would be for American businesses, some Democrats go even further.

We have already reported how Biden’s tax plans will give the US the highest top tax rate of any country in the OECD.

Biden’s ‘Build Back Better’ will give the US the highest top tax rate of any country in the OECD

Biden’s billionaire tax also looks like an attempt to reach out to Americans’ 401k’s and IRAs.

Biden gang is now demanding ‘Billionaire’s Tax’ which in fact is likely to tax Americans’ 401Ks and IRAs soon

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