WASHINGTON — President Biden is insisting that middle-class workers throughout the U.S. will not be taxed in order to pay for a multi-trillion-dollar infrastructure bill.
The bill would instead raise corporate tax rates on businesses from 21-percent to 28-percent. Indiana Congressman Jim Banks (R) told Hugh Hewitt on his podcast that it doesn’t matter which tax you raise, it will still be American workers that will be hurt the most by the bill.
“Essentially, all the tax hikes in the bill, from the corporate tax to the inheritance tax, everything in this bill is going to end up falling on workers,” Banks said. “Those tax hikes just end up landing on the consumer, they land on the worker.”
Banks said the bill would raise the country’s corporate tax rate to a point higher than that of China, which has a corporate tax rate of 25-percent.
Banks added the U.S. needs to do what most European countries have done when it comes to corporate tax rates. In Europe, the average tax rate for big businesses is around 18-percent.