|Unleash Prosperity Hotline |
|1) Joe Biden’s Tax Plan Puts America Last|
Virtually every nation in the world has for the past two decades been aggressively slashing its business tax rates to steal factories and jobs from America. The United States kept in place its 35 percent corporate tax rate – which became the highest in the industrial world. Enter Donald Trump who wisely slashed the rate to 21 percent (states add about 5 percentage points).
We went from the highest on the planet to slightly below the international average. Hundreds of thousands of blue-collar jobs stampeded back to America and we lured almost $1 trillion of capital back to these shores from China, Japan, Germany, and others. If there were ever a wildly successful policy change – it was this.
So now Joe Biden and the left want to jack the rate back up to 28 percent. Why? This will push America back above the rest of the world. It is an act of economic masochism. A corporate tax is simply a tariff that we place on our own goods and services.
The chart below shows how this will change the global picture. Trump used to say the world is laughing behind our back, and they will be again if this unpatriotic tax scheme were ever implemented.