Joe Biden called the “idea” that America’s corporate tax rate is at 21% is “ridiculous” and said that if he is elected, the rate will go up to 28% during the NBC Democratic debate on Wednesday night.
“The idea that we have a tax rate for corporate America at 21% is ridiculous. It should be 28 percent,” Biden said.
The Tax Cuts and Jobs Act permanently cut the corporate rate from highest-in-the-developed-world 35 percent to 21 percent.
The Biden 28 percent rate would give the U.S. a higher rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). It would impose a tax rate higher than the current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD), which is currently 23.7 percent.
An increase in the corporate tax rate would directly raise the cost of utility bills in all 50 states.
Biden has also repeatedly threatened a full repeal of the Tax Cuts and Jobs Act.
“First thing I’d do is repeal those Trump tax cuts,” said Biden during a campaign stop in Columbia, South Carolina on May 4.
Biden also continues to lie about the tax cuts. The Washington Post gave Biden four pinocchios when he said: “All of it went to folks at the top and corporations.” In its fact check, the Washington Post stated: “Most Americans received a tax cut.”
Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:
- The New York Times also flatly stated: “Most people got a tax cut.”
- CNN’s Jake Tapper did his own fact check and concluded: “The facts are, most Americans got a tax cut.”
- CNN’s Jake Tapper also stated: “In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut.”
- FactCheck.org stated: “Most people got some kind of tax cut in 2018 as a result of the law.”
- FactCheck.org also stated: “The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.
- The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.