Biden’s proposed increases to U.S. corporate tax rates will continue to make the United States uncompetitive internationally.
Rather than support American jobs and our economy, President Biden’s infrastructure plan would cripple our economy and substantially harm our ability to compete internationally.
The Tax Cuts and Jobs Act cuts rates for most tax brackets, substantially reduces business taxes, increases the standard deduction, and eliminates many tax loopholes and deductions.
The assumption that business and workers can only benefit in a tax overhaul at the expense of one another belies real-world experience.
President Trump’s framework will improve life for everyone: It directly benefits the middle-class, encourages economic activity, and reduces the time citizens will spend paying taxes.
The U.S. corporate income tax system is awful and needs to be reformed, but it does not subsidize foreign imports or justify a border-adjusted tax.
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