Top Republican Thinks Biden Tax Hike Will Backfire

Top Republican Thinks Biden Tax Hike Will Backfire

(RepublicanDaily.org) – The Biden administration has made it clear that taxing and spending is its preferred method of operation when it comes to balancing the books. There has been chatter that the president is getting ready to propose an income tax hike for families earning $400,000 or more. The proposal is also expected to contain a corporate tax rate hike from 21% to 28%.

Many political pundits have expressed doubts about the suitability of this strategy, given the economic difficulties the pandemic has presented. On Tuesday, March 16, Rep. Nancy Mace (R-SC) gave an interview on Fox News during which she slammed Biden’s proposed tax increases. Mace claimed neither Republicans nor Democrats were in favor of tax increases that would result in lost opportunities, fewer jobs and lower wages.

Mace also stated that the federal government had a “spending problem, not a revenue problem.” Considering the bloated $1.9 trillion relief bill that made it into law earlier this month, it’s hard to disagree with her. If Biden gets his way, corporations could have less money to invest in expansion and job creation.

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