It just makes sense how when corporations save money, they reinvest those savings into their growth, thereby creating additional job opportunities. The concept is fairly elementary unless your name happens to be Joe Biden.
Sleepy Joe, during a recent campaign speech, while visiting Michigan, publically professed how this simple concept escapes his impaired thought process. Biden prefers an opposite approach by proposing an offshoring tax penalty followed by a re-shoring tax credit. So what does this exactly mean?
Perhaps his own words will better explain it. Maybe. “We’re going to impose a tax penalty on companies that avoid paying U.S. taxes by offshoring jobs and manufacturing only to sell those good back to the American consumer,” he senselessly spouted out.
“If your big corporate strategy is to boost your shareholders’ profits, your CEO’s bonuses by moving jobs out, well, we’re going to make sure you not only pay full U.S. taxes on those profits, but we’re going to guarantee, we’re going to add a 10 percent offshoring penalty surtax to your bill.”
An additional 10% surtax is a lot of dough when you’re talking about large corporations who do millions, if not billions, of dollars in annual business. Rather than these companies creating new jobs, they’ll more than likely end up needing to lay some workers off to compensate for the additional expense Biden plans on burdening them with.
But let’s break this down further. A 10% surtax equates to roughly a 2.8% tax penalty. Eh… Not so bad. But hold on. Under Biden’s plan, corporate taxes would actually escalate to somewhere between 21 and 28%. At the end of the day, this means corporations would end up forking over 30.8% on all of their offshoring profits. And here you thought 10% was bad enough.
Imagine if your personal paycheck was taxed by this amount. Now imagine if you no longer received a paycheck because the company you work for could no longer afford your services. It would be devastating, and you’d have sleepy Joe to thank for it.
In a beyond confusing statement, Biden also said, “If you are ready to make it in America, then just like there are consequences for offshoring, there will be rewards and incentives for creating good-paying jobs here at home.” Uh…no. We beg to differ.
But Biden’s plan doesn’t stop there. Just when you thought it couldn’t get any worse, he also plans on eliminating corporate tax write-offs for any expenses which involve moving jobs or manufacturing overseas. Not only will this additional expense kill more jobs, but you better hang on to your hat when you see the price of nearly everything begin to explode. Prices could nearly double on certain items.
Donald Trump and his White House staff have denounced Biden’s plan time and time again, but they’re so worn out from doing so, they could only muster up the following comment, seeing as how they’ve already beaten that horse to death.
“Joe Biden’s plans to raise taxes by $4 trillion and implement his version of the Green New Deal would destroy the economy just as American workers and businesses begin their recovery.” We could not agree more. Biden’s proposal is just as insane as he is, and that’s a whole new level of crazy.
Business economics happens to be one of Donald Trump’s stronger suits, but Biden claims the President hasn’t done nearly enough in this capacity, and he plans on Trump’s blunder. The economy did face a downward trend for a short while, but there were out of control factors that attributed to this, with the pandemic being just one of those.
The economy is now once again ticking upward and Trump’s approval rating on the work he has done to get it there is quickly on the rise, as it should be. This was no small feat so let’s give credit where credit is due. This was no easy accomplishment considering the world situation.
So if you’re anxious to lose your job, and you much prefer to pay more than you currently are for just about everything, vote for Biden. But, if the thought of this turns your stomach and has you hugging the porcelain throne, you know what to do. Trump 2020.