One of Democratic presidential candidate Joe Biden’s promises to the American people is that he will raise taxes on corporations on “day one” of his presidency.
Biden Makes Sinister Announcement
“I’d make the changes on the corporate taxes on day one,” he told CNN’s Jake Tapper on Thursday.
He made it clear that the nation’s unemployment rate, regardless of what it was, would have no impact on his decision.
The Democrat said he vows to raise the corporate tax rate from 21 percent to a staggering 28 percent. He claims that this would raise $1.3 trillion over the next ten years, Fox News reports.
Trump Cut Tax Rate and Started Booming Economy
As per his campaign promise, President Donald Trump cut taxes on the corporate level from 35 percent to 21 percent in 2017 with the Tax Cuts and Jobs Act.
“And the reason I’d make the changes to corporate taxes, it can raise $1.3 trillion if they just started paying 28% instead of 21%,” he said during the interview. “What are they doing? They’re not hiring more people.”
The former vice president said the money from increased taxes would toward education, health care, and manufacturing saying “these are things that matter to middle-class families.”
“Stockholders are making more money because they go out and buy back their own stock,” Biden said. “They bought back over a trillion dollars of their own stock, raising the price of the stock. That’s it — not hiring anybody else, not expanding their business, not investing in new enterprises.”
He made a vow in the past that he would not increase the tax rate on anyone earning less than $400,000.
The tax cut under the Trump administration created a booming economy and huge success for every class of Americans.
The Hypocrisy of the Left
Top Democrats make it clear that being rich should only be allowed for them. Take socialist Sen. Bernie Sanders, for instance, he is a multi-millionaire with several homes and sports cars, yet he wants to demonize hard-working business owners all while stealing their earned money.
Under Trump, he has proven he is for the success for all Americans. While Biden on the other hand had promised to increase taxes and will disregard the unemployment rate when it comes to his economic decisions.