Last updated on July 18th, 2023 at 01:26 pm
A new report from the Center For Budget and Policy Priorities shows that raising taxes on corporations will make the tax code fairer and not hurt the economic recovery.
A key finding from the report:
Specifically, with regard to the recovery from COVID-19 and its economic fall-out, another important consideration is the deep economic and racial disparities that this crisis both highlighted and exacerbated. While millions of lower-income families and individuals continue to face financial hardship due to COVID-19 and the economic fall-out, those at the top in large measure continued to prosper during these hard times — a dichotomy that has become known as the “K-shaped” recovery.[17]
Raising taxes on those struggling during this crisis could create headwinds for the recovery, but a corporate tax hike would predominantly fall on those wealthier people who have already recovered from (or never experienced) the recession. A robust and equitable recovery requires that policymakers prioritize still-struggling households, and that’s precisely what raising corporate revenue to fund public investments will do.
The entire report lays out the reasons why Biden’s infrastructure plan will help the country, and raising taxes on corporations will not hurt jobs, the recovery, and the broader economy.
For instance, the economy will be helped more by the growth in jobs and economic activity resulting in infrastructure investment than it could be hurt by raising taxes on corporations. A tax increase on corporations would also add more fairness to the tax code.
All of the Republican fearmongering about raising taxes to pay for infrastructure is not based on fact. Republicans are lying. The Biden infrastructure and jobs plan would be a boon to the economy.
Republicans will not be swayed by reality, but the report is evidence that President Biden is right to push full speed ahead with his plan.
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