President Biden is touting his new $2.3 trillion+ spending plan as a boon to workers, even dubbing it the “American Jobs Act.” But there’s reason to believe that a key provision in Biden’s plan would result in a sizable drop in income for millions of American families.
Article by Brad Polumbo from FEE.
The president wants to pay for his multi-trillion-dollar spending proposal in part by raising the corporate tax rate from 21 percent to 28 percent. A new study from the conservative-leaning Heritage Foundation finds that this tax increase on “Big Business” would ultimately be borne in large part by workers. Heritage macroeconomist Parker Sheppard projects that the economy would shrink to the tune of $1,650 lost per household, with the median worker seeing an $840 decline in their annual income.
A corporate tax rate of 28% would reduce long-run GDP by about 0.96%—about $1,650 per American household. https://t.co/F7KrhgmTsD
— Heritage Foundation (@Heritage) April 18, 2021
One mistake many people often make is assuming that whoever is formally assigned a tax is also who ultimately bears the costs. But this isn’t necessarily the case, because people change their behavior as a result of tax increases—raising prices, decreasing investment, changing consumption habits, and so on.
“It is the operation of the market,” wrote Austrian economist Ludwig von Mises, “and not the government collecting the taxes, that decides upon whom the incidence of the taxes falls and how they affect production and consumption.”
“Who pays the tax?” economist Murray Rothbard asked. “It would seem that the answer is clear-cut, since the government knows on whom it levies a tax. The problem, however, is not who pays the tax immediately, but who pays it in the long run.”
In the case of corporate taxation, an overwhelming body of research confirms this theory and shows over the run, the costs are mostly borne by workers via reduced wages and partially by consumers via higher prices.
Why?
Christian-Driven America-First Precious Metals.
Before markets collapse, the smart play is to move wealth or retirement to precious metals. Contact Genesis Gold now to make it happen smoothly with no hassles from a group driven by fellowship.
Because corporate tax increases make investment more expensive, and investment in productivity improvements is key to wage growth. As Mises lucidly explained, “More investment of capital means: to give to the laborer more efficient tools.”
When this investment allows workers to become more productive, their wages will soon rise.
“As the employer consequently will be in a position to obtain from the consumers more for what the employee has produced in one hour of work, he is able—and, by the competition of other employers, forced—to pay a higher price for the man’s work,” Mises concludes.
In the case of corporate tax hikes, the opposite occurs: investment is reduced and wages fall as a result.
“Workers with newer or improved equipment, or places to work, are more productive and can command a higher salary,” Sheppard explains. “If the corporate tax causes firms to reduce their investment and operate with less capital, they will pay lower wages as a result.”
The Heritage study finds that Biden’s proposed corporate tax hike will significantly decrease investment into new business equipment and structures, which leads to lower wages over time.
Here’s the bottom line.
Promising to pay for his massive spending schemes by raising taxes on “Big Business” may serve President Biden well politically, but the laws of economics are unmoved by public opinion polling. There’s no getting around the fact that a key aspect of the White House’s grand plan to put Americans back to work is projected to boomerang back in workers’ faces.
✔️ Boost your immune system with Nutraceutical by Dr. Zev Zelenko
✔️ Beat supply chain issues and future pharmaceutical tyranny with 5 Antibiotics Delivered to Your Home
✔️ Be ready to help yourself and your family with the World’s Best Med Kit
Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Our network is currently comprised of six sites:
- NOQ Report
- Conservative Playlist
- Freedom First Network
- Based Underground
- Uncanceled News
- Our Gold Guy
We are also building partnerships with great conservative sites like The Liberty Daily and The Epoch Times to advance the message as loudly as possible, and we’re always looking for others with which to partner.
Some of our content is spread across multiple sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
While donations are the best way to help, you can also support us by buying through our sponsors:
- MyPillow: Use promo code “NOQ” to get up to 66% off AND you’ll be helping a patriotic, America First company.
- ZStack: Improve your immune system with the Z-Stack protocol or rejuvenate your body from vaccines or shedding with Z-DTox by Dr. Vladimir Zelenko.
- OurGoldGuy: Tell them JD sent you in your request to buy gold and it will help us… AND (wait for it) you’ll be helping a patriotic, America First company.
- MyPatriotSupply: Stock up on long-term food, survival gear, and other things that you’ll need just in case things don’t recover and we keep heading towards apocalypse.
We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
Time is short. As the world spirals towards The Great Reset, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
JD Rucker
Bitcoin: 32SeW2Ajn86g4dATWtWreABhEkiqxsKUGn