Democrats are now proposing a new tax increase so large that it may end up taxing Americans at a higher rate than Communist China.
As Americans for Tax Reform reports:
House Democrats are proposing almost $3 trillion ($3,000,000,000,000) in tax increases including tax increases on small businesses and working families. This is the largest tax increase since 1968 compared to the size of the economy and the largest tax increase ever in nominal dollars.
This tax increase will be passed along to working families in the form of higher prices, fewer jobs, and lower wages. This will give the U.S. a combined state-federal rate of 30.9 percent, higher than our foreign competitors including China, which has a 25 percent corporate tax rate, and Europe which has an average rate of 21.7 percent. The developed world average (OECD) is 23.5%
U.S. Federal + State Tax Rate Under Democrat Plan: 31%
China’s Corporate Tax Rate 25%
Developed World (OECD) Average National + Subnational Rate: 23.5%
Higher business tax rate than China. Higher than the OECD average. Higher than nearly all our major trading partners.
A giant sucking sound of jobs and capital out of the United States. https://t.co/Lzagv5LH1x
— Ryan Ellis (@RyanLEllis) September 12, 2021
The shockingly high rate is how Democrats plan to pay for their hoped for one trillion dollar infrastructure plan and their addition 3.5 trillion dollar budget, which is essentially a far-left wish list.