Commentary

Biden's Corporate Tax Hike: Populism Versus Economic Literacy

By Veronique de Rugy
Thursday, March 14 2024

In the latest volley of policy proposals that seem more rooted in populist rhetoric than economic knowledge, President Joe Biden's budget plan to hike the corporate income tax rate from 21% to 28% strikes me as particularly misguided. This move, ostensibly aimed at ensuring a "fair share" of contributions from corporate America, is a glaring testament to a simplistic and all-too-common type of economic thinking that already hamstrings our nation's competitiveness, stifles innovation, and ultimately penalizes the average American worker and consumer. Beyond the president's class warfare…

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