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Biden-Harris Economics will
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Published May 14, 2021, in the
The Galveston County Daily News


It’s economics 101 folks.  If gas station “A” sells gasoline for less than gas station “B”, where would you fill up your vehicle?  Most of us would go to the station charging less.

Now comes the Biden Administration. They want to increase the corporate tax rate from 21% to 28%, reversing President Trump’s corporate tax cut, leaving the United States with the highest rate in the World.  Why?  It’s because he plans on spending trillions-upon-trillions of dollars he can’t pay for and won’t be able to pay for even with these increases. The net effect will once again force profits earned overseas to stay overseas. 

When Trump and the Republican-controlled Congress reduced the corporate tax rate, one trillion dollars returned as repatriated funds.  U.S. firms that had moved off shore to avoid the high U.S. tax rates came home, bringing with them millions of jobs for American workers.

Because Biden wants to spend so much, he’s looking for places to tax.  He’s using the slogan that corporations should “pay their fair share” as justification for increasing the tax rate.  But wait, Biden-Harris realize that by doing so companies will simply move off shore again and with them the jobs of American workers. What’s their solution?  They’re encouraging other nations to enact a “minimum corporate tax rate.”  The idea is if other nations do so, the bad economics the Biden-Harris Administration is following at home won’t cause a mass exodus of corporations and American jobs.  What are they smoking?  What country is going to increase its taxes when not doing so means more revenue and jobs in their pocket?

We should remember corporations exist to make money for their investors.  Who are these investors?  People like you and me.  People who have 401K retirement plans, who have put their savings into the stock market with the hope of getting a return from their investment.

But wait, the Biden-Harris economics gets even worse.  Because they can’t find the money to pay for their expensive trillion-dollar tastes, and taxing all of us more won’t cover the shortfall, they simply print more money and have the FED put it into the current supply of money.  That means the value of every dollar we spend has been reduced and, in turn, that prices of goods and services will increase.  Have you seen the cost of food and such going up?  They have, and this is the reason.  It’s not because of a shortage of supply, it’s because of a reduction in the value of the dollar.

Yet, it’s even worse than that. An article from the Epoch Times, a national newspaper, explains. Wage increases without equal productivity produces a vicious cycle of inflation followed by wage increases,  followed by even higher prices. 

There have been many studies trying credit or discredit Trump’s tax plans. But it’s real clear, under Trump the aggregate results were the lowest unemployment with the lower wage earners gaining the most.



Author and Columnist
Authors and Columnists Bill Sargent and Mark Mansius
May 14, 2021
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