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VOICE FOR THE VALLEY.
As customary, the Democrats are trying to market their tax hikes as “only targeting corporations and the wealthy.” They are relying on the mainstream media to push this message frequently to the American populace in the effort to cause the American people to believe that the 2017 Tax Cuts and Jobs Act only benefited big business and the super wealthy.
At first glance, hiking taxes of corporations seems impressive. While it is true that the 2017 Tax Cuts and Jobs Act reduced the corporate tax rate from 28% to 21% as well as helped boost corporate profits, the Democrats continue to overlook and downright ignore how this move did benefit middle and lower middle class Americans.
For decades, the United States has imposed some of the highest corporate tax rates in the world upon businesses. Rather than boosting tax revenue and curtailing these companies’ profit margins, many corporations have instead elected to shift their production along with their jobs overseas to cheaper markets, such as China. Prior to the 2017 tax cuts, the United States continued to see manufacturing plants around the nation shuttered and subsequently causing the loss of many higher paying blue collar jobs. As a result, American workers were left without employment and looking for answers. In fact, prior to the pandemic, U.S. manufacturing jobs and production levels increased at their highest pace in decades.
As our nation finally begins to emerge from the COVID-19 pandemic, many businesses, both large and small, are on life support, especially those in Democrat-led states like California. Unfortunately, all of these businesses were subject to over a yearlong draconian economic shutdowns.
To be clear, David does not take an issue with large corporations being asked to pay their fair share in taxes, but does take umbrage with hasty decisions that may appear innocent on the surface, but would result in catastrophic job and wage losses for Americans who need economic security the most. Rather than imposing a blanket tax increase on all corporations, in an effort to fight back against some of the biggest conglomerates in America, Congress should focus on those corporations that continue to outsource their jobs and production overseas at the expense of the American worker and taxpayer.