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The April 3 letter âUnintended consequencesâ attacks the Biden American Jobs Plan because it raises the corporate tax rate from 21% to 28%. It complains that the increase puts the U.S. rate âback in the top worldwide corporate rates.â It claims the plan will result in higher prices for goods and services, reduced hiring, smaller wage increases and benefits, and reduced dividend payments. It ignores the millions of jobs the plan will generate.
The writer appears to compare our corporate tax rate to that of European countries that pay their bills with value-added taxes â taxes on value added at every stage of production. American consumers would feel real financial pain from a value-added tax enacted to compensate for a low corporate tax rate.