In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR


Biden to raise corporate taxes to pay for roads: Report

Because you didn’t build that! A road took that stuff to your corporation so you could build it. So pay for it!

Don’t we pay enough taxes that roads should be covered? We pay a federal gas tax for every gallon we pump.

The Democrats are perennially under the illusion that corporations pay taxes. They don’t, particularly. They share a lot of the cost with consumers, who pay higher prices, and workers, who get less pay or lose their jobs.

Donald Trump had just decreased corporate taxes, not to unusual lows, but to put U.S. companies in a position to compete worldwide with foreign businesses that pay lower corporate taxes.

Well, forget about it.

According to the New York Times:

“President Biden intends to pay for the $2 trillion package of infrastructure spending he will propose on Wednesday with a substantial increase in corporate taxes, people briefed on the plan said Tuesday.

“The scale of the infrastructure program — one of the most ambitious attempts in generations to shore up the nation’s aging roads, bridges, rail lines and utilities — is so big that it will require 15 years of higher taxes on corporations to pay for eight years of spending, they said.

“Despite his ambitious programs, Mr. Biden had pledged that his long-term economic agenda would not add further to the growing national debt. But the fact that his proposed tax increases would not cover his spending over the same period shows the challenge he has in balancing his big goals and the deficit.

“Mr. Biden’s proposals include raising the corporate tax rate to 28 percent from 21 percent and efforts to force multinational corporations to pay significantly more in tax to the United States on profits they earn and book overseas. The corporate tax rate had been cut under President Donald J. Trump from 35 percent to 21 percent.”

5 thoughts on “Biden to raise corporate taxes to pay for roads: Report”

  1. The glaring flaw in the higher taxes equals more revenue theory is the belief that people or corporations will not change their behavior to avoid taxes! After President Trump lowered corporate taxes companies repatriated money back here and ginned up domestic manufacturing. And don’t expect “the rich” to kneel down and pay either!

  2. Roads and bridges? We know that Arizona roads and bridges are just fine, well maintained and solid. California doesn’t have any land left to add new roads and bridges, and the ones that do exist need constant upkeep. Texas is good, nice roads, good repair. The NW and the Midwest roads seem fine, so where are these funds headed?
    Just guessing here – the roads and bridges all over the NE are rickety, potholed, lumpy and the bridges are old, rusted, poorly repaired.
    This agenda sounds like the Obama “shovel ready” fiasco that only kept the unions happy and didn’t build or repair anything.
    The trade unions must be so happy with the “obama.2” plan..

  3. I read an article that California was spending some of their road taxes on other things rather than repairing roads and bridges. Money is fungible. There is nothing to prevent Biden from spending the taxes on illegals.

  4. Let’s simplify it.

    You buy a Chevy
    Chevy makes a profit
    Chevy pays extra Biden Tax ( or is it the Biden Harris Tax)
    Chevy raises price on car to compensate for higher corp tax.
    You pay more for the Chevy.

    Joe Sixpack getting the raw end of the deal, once again.

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