President Joe Biden reintroduced the $2.25 trillion American Jobs Plan proposal Wednesday, which would drastically alter American business.
“America is… turning peril into possibility. Crisis into opportunity. Setback into strength,” Biden said about the proposed plan that would take 15 years to raise $2.5 trillion in revenue.
The ensuing tax consequences from the proposal are as follows:
- Raise the corporate tax rate from 21 percent to 28 percent
- Raise taxes on those making more than $400,000 a year
- Repeal tax cuts for income earned by American companies exporting goods and services abroad
- Expand the global minimum tax to 21 percent
- Repeal the tax code to limit corporate transactions in which a U.S. company moves its headquarters abroad by becoming a subsidiary of a foreign acquirer
- Shift the tax burden in energy sector from fossil fuels to clean energy in the form of subsidies
The tax and spend scheme comes with what Senate Minority Leader Mitch McConnell (R-KY) said is an “Orwellian campaign” that seeks to relabel many progressive policies as “infrastructure.”
McConnell was referencing Sen. Kirsten Gillibrand’s (D-NY) tweet, which defended paid leave, child care, and caregiving as “infrastructure”- related items to include in future infrastructure legislation.
However, it seems Biden has decided to lob many of those unrelated items into what he has since dubbed a “human infrastructure'”proposal or the so-called $1.8 trillion American Families Plan.
Those two initiatives combined with the partisan $1.9 trillion coronavirus package in March “marks $6 trillion in proposed spending for Biden in his first 100 days as president — $1.8 trillion for the American Families Plan, $2.3 trillion for his American Jobs Plan on top of the $1.9 trillion coronavirus rescue package.”
The massive spending and tax increases associated with the plans contradict what Biden promised during his presidential campaign — bipartisan leadership. In Biden’s first 100 days, Democrats have introduced the following radical initiatives: Packing the courts, amnesty, reparations, federalized elections, D.C. statehood, and banning the Electoral College.