How Biden’s corporate tax hike will hurt the middle class

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Congress debates a sharp increase in the corporate tax rate as well as other corporate levies this week. The Biden administration says only large companies will have to shell out more money.

This episode of What’s Ahead shows just how absurd that claim is.

A ton of economic research over the years has revealed that when it comes to these kinds of levies, businesses are just tax collectors for the government. Consumers, shareholders and customers do pay the tax.

The non-partisan 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-wing 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.

Biden’s push, if successful, would hurt just about everyone.

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Steve Forbes is President and Editor-in-Chief of Forbes Media. Steve’s latest project is the “What’s Ahead” podcast, where he engages the best journalists in the world,

Steve Forbes is President and Editor-in-Chief of Forbes Media. Steve’s latest project is the “What’s Ahead” podcast, where he engages top journalists, politicians and pioneers in business and economics in honest conversations designed to challenge traditional conventions as well as present the points of the issue. Steve’s view of the intersection of society, economics and politics. . Steve helped create the recently released and highly acclaimed public television documentary, In money that we trust?, which was produced under the auspices of Maryland Public Television. The film was inspired by the book he co-wrote, 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 Obamacare Repeal, Tax Code Replacement, and Fed Reform Will Restore Hope and Prosperity co-written by Elizabeth Ames (McGraw-Hill Professional). Steve writes editorials for each issue of Forbes under the headline “Fact and Comment.” A highly respected economic predictor, he is the only writer to have won the prestigious Crystal Owl Award four times. The award was once presented by the US Steel Corporation to the financial journalist whose economic forecast for the coming year has turned out to be the most accurate. In 1996 and 2000, Steve campaigned vigorously for the Republican nomination for president. Key to his platform was a flat tax, medical savings accounts, a new social security system for working Americans, parental choice of schools for their children, term limits, and strong national defense. Steve continues to vigorously promote this program.



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