President Joe Biden has framed his $3.5 trillion economic plan as a generational investment in the middle class paid for by wealthy Americans and corporations.
As it turns out, the president is once again dancing around the truth. Under the Biden tax plan, corporations could end up paying less in taxes — or nothing at all.
“May even get a bigger refund”
Biden has cited a list of 55 profitable U.S. companies that avoided taxes in 2020, vowing that his “economic plan will change that.”
The list came from the progressive Institute on Tax and Economic Policy, which found that major companies like Nike and HP took advantage of various tax breaks to receive substantial rebates.
Some on the left are beginning to speak out directly against the Biden administration, including the group Americans for Tax Fairness.
“Corporations that don’t pay any taxes are still going to be able to go on paying no taxes, and in some ways they may even get a bigger refund,” said Frank Clemente, the group’s executive director. “It is remarkable there is no talk about this in Congress.”
“Adds zero dollars to the national debt”
In effect, the president appears to be shifting the burden away from companies and industries he favors and onto others. Democrats in Congress have expressed their support for tipping the scale in favor of “greater investment in green energy.”
Biden reiterated his misleading message in a tweet on Saturday, insisting that his massive spending plan would be funded by “big corporations and the wealthy” without racking up further debt.
“Instead of wasting money on tax breaks, loopholes and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America,” the tweet claimed. “And it adds zero dollars to the national debt.”
Even members of his own party are speaking out in opposition to trillions of dollars in new spending, so it makes sense that the president is attempting to put a positive spin on things.
As his approval rating continues to crater, his legacy can scarcely sustain another federal failure.