It’s no secret that Joe Biden isn’t the brightest President the U.S. has ever had.
Merely listening to him speak publicly – even with prepared remarks – will confirm that rather quickly.
But his latest plan to keep jobs and businesses in America takes the cake, and is without a doubt the dumbest plan in the world.
When Donald Trump took office back in January 2017, he made American jobs and businesses a priority.
Amongst other initiatives, Trump lowered the corporate tax rate in order to incentivize American companies to bring jobs back from overseas and expand their U.S. operations.
Those efforts were an unquestioned success, helping spur tremendous economic growth Democrats and the media said was impossible.
But now, Joe Biden has plans to go in an entirely different direction – a direction he and Democrats know will completely ruin the economic progress made under Trump.
After Biden announced his plan for a $2 trillion “infrastructure” bill that actually spends more on electric cars, “sustainable” housing, climate-based research, and high-speed broadband than roads and bridges, the question became how he planned to pay for such a massive spending increase.
Since then, the administration has made clear that they plan to increase taxes on everyone, but will mainly pay for their spending spree on progressive initiatives through the largest corporate tax increase America has seen in over 30 years.
“When Donald Trump passed his corporate and tax cuts for the wealthy package, he dropped it to a point that nobody was even asking for, which was 21%,” Biden Secretary of Energy Jennifer Granholm said. “So what Joe Biden is saying is, let’s put it to a reasonable middle. Let’s put us in line with other industrial nations, which is 28%.”
The problem is, that corporate tax rate is not in line with the worldwide average of 24%, and both conservatives and the few moderate Democrats who actually exist agree that such a major hike would have devastating consequences for the American middle class.
So Joe Biden and his brilliant brain trust of advisors have come up with an idea to prevent corporations from sending jobs overseas and harming the American economy.
The Biden administration is simply going to ask the rest of the world to also raise their corporate tax rates.
According to Axios, Treasury Secretary Janet Yellen is expected to soon push for all other industrialized nations to raise their corporate tax rates to a minimum standard in order to ensure economic “competitiveness” worldwide.
On top of that Yellen is also expected to condescendingly argue that the main purpose of the worldwide corporate tax increase is to ensure that other countries have enough revenue to maintain their own governments, an idea that’s not only hypocritical coming from a Democrat administration but also a slap in the face to other nations as well.
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” the Secretary plans to say, according to an excerpt of her prepared remarks obtained by Axios. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
Even Axios pointed out in their report that “by trying to convince other countries to impose a global minimum tax, Yellen is acknowledging the risks to the American economy if it acts alone in raising corporate rates.”
It is completely and totally insane for the Biden administration to believe that they can simply ask the entire world to raise taxes, and they will do so just so Biden’s disastrous economic policies don’t destroy the American economy.
What incentive do other nations, specifically a nation like China, have to help the United States when we are their biggest economic competition?
It’s that level of naivety and ignorance that saw China run all over the Biden White House just a few weeks ago at a meeting in Alaska in which the communist country lectured Biden officials on just how weak they are.
China has made clear that they don’t want to compete with the United States, they want to win and put America out of business, and while they’re the biggest threat, they certainly won’t be alone in that opinion.
But the Biden administration knows their agenda will destroy our economy, and they are completely incapable of conceiving any other plan that doesn’t involve absurd levels of unnecessary spending funded by absurd levels of taxes.
We certainly didn’t need more evidence to prove that the far-left agenda is built on unrealistic nonsense. But thanks to the Biden administration proposing literally the dumbest idea in the world, we got it.
Stay tuned to Right News Wire for any updates to this ongoing story.