Democrats in Washington are looking to bolster their tax-and-spend reputation as they try to pass an “infrastructure” package currently slated to cost taxpayers roughly $3.5 trillion in spending and untold sums in tax increases to “pay” for it. Corporate tax hikes along with higher cigarette and income taxes have been proposed to offset some of the spend-a-thon. But although some of the new tax proposals have made headlines, others have garnered less attention than they deserve.
The Democratic drive to raise the federal corporate income tax from 21 to 26.5 percent, for example, has been widely reported, while the tax hikes proposed for small businesses, such as S-corporations and partnerships, have not. Reports have focused more on Wall Street than Main Street even though small businesses and partnerships comprise the majority of America’s businesses and Main Street will shoulder a heavier new tax burden than their Wall Street competitors under the new Democratic tax plan. But neither set of tax increases will be good for U.S. businesses or consumers.
American C-corporations currently pay a flat 21 percent federal tax on their profits. Congressional Democrats want them to pay 26 percent — one of the highest corporate tax rates in the world. American small businesses, S-corporations, and partnerships, however, pay taxes according to the progressive income tax scale — with a top individual tax rate that would increase to over 40 percent under the congressional Democrats’ tax plan.
As U.S. businesses — big and small — continue to recover from the pandemic’s stifling economic effects, this is no time to hit them with higher taxes. International economists recommend reducing corporate and capital taxes because they do the most damage, and many states along with much of the industrial world have moved to reduce corporate taxation precisely because lower taxes encourage business growth, hiring, innovation, and higher wages.
But Democrats in Washington think they know better and want to make some of America’s small businesses and partnerships the most heavily taxed businesses on the planet. That misguided hubris will threaten jobs and prosperity across the country.
Midwestern states like Ohio, for instance, have strategically reduced their tax burdens to help small businesses grow and compete with larger corporations. Some state policymakers understand that fledgling companies not only create new jobs and spur economic opportunities, but they need to retain their working capital to do it. Syphoning even more small business money to Washington, even from more established firms, undermines those efforts.
Perhaps congressional Democrats need a refresher on how corporate taxes work in the real world. Federal corporate tax increases will either be passed along to consumers through higher wholesale and retail prices, or else leave businesses with fewer dollars to invest in their workers or grow their operations. Either way, American prosperity will suffer under the Democrats’ tax-and-spend proposal.
And so will their competitive advantage. As other countries reduce their corporate tax burdens, their companies can lower prices to attract new customers and pay higher wages to attract new workers — all at the expense of American companies trying to compete in a global market.
Some states have worked hard in recent years to grow their economies and recover from the Great Recession by reducing the tax burdens faced by small businesses. Congress and the Biden Administration seem poised to negate those laudable efforts with one of the largest corporate tax hikes in American history — and many small businesses and their employees may be completely unaware that it’s coming, and that they and their customers will pay the price.
Rea S. Hederman Jr. is executive director of the Economic Research Center and vice president of policy at The Buckeye Institute in Columbus Ohio and Michael G. Franc is a Washington, D.C.-based senior fellow with The Buckeye Institute. From 2013 to 2015 he served as policy director and counsel to then-House Majority Leader Kevin McCarthy.
Too Few Are Telling the Truth
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), and Instagram profile (never made one), or a TikTok (no thanks, CCO). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would break away. Today, only a handful of other major conservative news outlets have broken away from the Big Tech teat. Of course, we need help.
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