Source: United States Senator for Idaho Mike Crapo
Simple comparison shows U.S. job creators lose under Biden plan
Democrats’ proposed $2 trillion tax increase would overwhelmingly apply to U.S.-based businesses, not their foreign competitors. If Democrats successfully impose their reckless tax increases on our businesses, China will gain the global edge on jobs, investment and innovation. A simple analysis comparing each country’s tax rates and policies shows that Democrats’ tax proposals would create an uneven playing field, making it impossible for U.S. businesses to compete in the global marketplace.
Democrats’ reckless tax hikes would make the United States an outlier once again:
- Highest combined corporate rate among developed countries
- The only country with a global minimum tax – at a statutory rate of 21% and effective rate of 26.25%
- Policies that encourage offshoring of R&D and IP
- U.S. companies would be at a severe competitive disadvantage to Chinese companies, meaning less domestic innovation, fewer American jobs, and increased reliance on foreign countries for critical technologies.
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