, American corporations and CEOs are starting to make an all too familiar argument: higher corporate taxes will hurt America's global"competitiveness" and discourage companies from investing in the United States. in which 98% of CEOs claimed Biden's corporate tax hikes would hurt American corporate competitiveness, while roughly 66% said the proposed tax hikes would stifle wage growth in the US, and more than 70% said it would make hiring more difficult.
The 2017 Trump tax cuts were sold as a way to boost investment in the economy and make US corporations more globally competitive, but nearly four years later, the Trump tax cuts, nor an increase in economic growth. In the two years preceding the law's passage and the two years after, the economy grew at the exact same rate of 2.4%. The only things that did increase were corporate profits, inequality, and executive pay.
The Business Roundtable is actually right that we have a corporate competitiveness problem, but they're pointing in the wrong direction. Our current tax code provides a heap of loopholes and deductions for massive multinational corporations that operate in multiple countries, while leaving corporations that exist only in the United States at a competitive disadvantage, by corporate America's own definition.
PoliticsInsider PatrioticMills Business does not pay tax. They pass it along to the consumer in the form of higher prices. Wise Up!
PatrioticMills +100
PatrioticMills More Marxist propaganda form BI.
PatrioticMills This isn’t true for small businesses with less than $25MM in revenue. Taxes hurt those businesses and the employees.
PatrioticMills This is why BI is a joke. Far left kook reporting.
PatrioticMills You have a point PatrioticMills , but in my view the companies would buybacks the stocks even with higher taxes. So, this Biden politics probably will have no effects for American people. Am I wrong?
PatrioticMills 🚮🚮
PatrioticMills
PatrioticMills I’m sure it’ll be great, raised taxes always workout well for the economy.
PatrioticMills Utter nonsense.