President Joe Biden has big plans.
When he can remember them, that is.
It’s hard when you’re being run from behind the throne by a power-hungry VP sociopath who laughs wildly like a hyena all the time for no reason.
It’s also hard when you can’t even keep your dogs from crapping on the White House floor and biting people.
But there’s still something that even a tired old Democrat like Biden can remember to do: tax the hell out of everything.
And that’s exactly his plan for the latest massive donor giveaway and green energy bailout disguised as an “infrastructure” bill. Raising taxes on everyone who makes over $400,000 per year and boosting taxes back up to 28% on corporations.
The problem? The costs will be directly passed on to consumers and the big corporations will dodge the taxes anyway.
Go Tax Yourself
As Biden tries to get funds from big corporations and rich people the least surprising story in the world is emerging. A study from last year found that America’s 55 biggest corporations paid 0 dollars in federal taxes last year.
The methods aren’t always simple but they’re fully legal: deductions and exemptions that manage to make profits totally clear of taxes. Large corporations like Nike, Duke Energy and FedEx completely dodged 2020 taxes despite having income of more than $77 billion altogether.
Not only did large corporations like this find ways to dodge taxes: they actually got money from the federal government in the form of tax rebates, for example with Duke Energy by saying that they are researching and working a lot on renewable energy.
Biden’s new fake “infrastructure” bill won’t only pass lots of costs onto you while pretending to tax the rich and corporations, it will also be full of lots more tax rebates that big woke corporations can use to steal money from the government. See how this cycle of disgusting grift works now?
The American people and workers get left behind while big business socialists race ahead with their far-left garbage agenda.
The lockdown has served big tax dodging global mega companies like Amazon but crippled thousands small independent businesses. Businesses that are often the beating heart of what is left of community fabric in this country.
— ennyoueffsee (@ennyoueffsee) April 2, 2021
How Corporations Dodge Taxes
The main way that corporations dodge taxes is simple. They offshore various parts of the company in tax havens or they declare expenses for revamping and upgrading their equipment to be more modern and “sustainable” and so on. These costs are then listed as write-offs and save them millions in taxes while also helping their company modernize and become more efficient.
If you read various legislation carefully (which nobody including politicians does) then you will notice all sorts of special rules for tax write-offs and loopholes that are put in by lobbyists who work hard to make sure their friends in the executive suite stay happy and well-fed.
Even the $2.2. trillion CARES Act passed under Trump let companies use their 2020 losses to get back taxes they’d paid in past years and claw back any expenses. FedEx, for example, used 2020 losses to get its tax bills down from previous years when it earned mountains of money.
Remember when you were allowed to do that as well? Oh right, you weren’t: only giant corporations were.
The White House says that Biden’s corporate tax hike will net $2 trillion in the next 15 years and help pay for his “infrastructure” plan, but Republicans are finally standing up to this lame duck president and saying it’s a no deal.
If you think it’s fair to have the middle class constantly squeezed between the dependent poor and the tax-dodging rich then you have been drinking far too much of the Democratic Kool-Aid. Don’t believe Biden’s lies, this is a total scam.