On Saturday morning, Stephen Moore, a senior economic adviser under former President Donald Trump, told Newsmax that if President Joe Biden’s tax plan is implemented, taxes on businesses in the United States would be higher than in Russia and China.
Biden, Moore told “America Right Now,” wants to “move those tax rates right back up to the highest in the world.”
“So just a statistic that I was looking up yesterday: If we did the Biden tax plan, … the United States of America — the land of the free — would have a higher tax rate on our businesses than Russia and China. I mean, what’s wrong with that picture?” Moore asked. “How can we compete with taxes that high? It doesn’t work.”
According to the Tax Foundation, “[r]ather than aiming for a simpler tax code that broadly encourages investment, saving, and work in the United States,” Biden’s proposed tax code for fiscal year 2025 “would decrease economic output and incomes, reduce U.S. competitiveness, and further complicate the tax code.”
During the State of the Union address, Biden said anyone making under $400,000 will not pay a “penny” more in federal taxes.
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