Congress is debating a sharp increase in the corporate tax rate as well as other business levies this week. The Biden Administration claims only big corporations will have to fork over more cash.
This episode of What’s Ahead shows how that assertion is nonsense.
A ton of economic research over the years has found that when it comes to these kinds of levies, companies are merely tax collectors for the government. Consumers, shareholders and customers actually pay the tax.
The nonpartisan congressional Joint Committee on Taxation finds that over the next ten years, low- and middle-income taxpayers would pay two-thirds of Biden’s corporate tax increase.
The left-leaning Tax Policy Center concludes that the Democrats’ plan would raise taxes on 75% of middle-class families within a year and 95% within ten years.
The Biden push, if successful, would hurt just about everyone.
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,
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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.
Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.
Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).
Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.
In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.
