{"id":1581775,"date":"2022-08-01T06:01:24","date_gmt":"2022-08-01T10:01:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1581775"},"modified":"2022-08-01T06:01:37","modified_gmt":"2022-08-01T10:01:37","slug":"biden-pushes-massive-tax-hike-as-economy-falls-into-recession","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-massive-tax-hike-as-economy-falls-into-recession\/","title":{"rendered":"Biden Pushes Massive Tax Hike As Economy Falls Into Recession"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-pushes-massive-tax-hike-as-economy-falls-into-recession%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1581775&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>    Inflation Reduction Act: Massive Tax Hike on Workers?<br \/>\n    <meta \/><br \/>\n    <meta content=\"width=device-width, initial-scale=1.0\" \/>\n    <link rel=\"pingback\" href=\"https:\/\/www.based-politics.com\/xmlrpc.php\" \/>\n    <meta content=\"index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1\" \/><\/p>\n<p>\t<meta content=\"President Biden&#039;s new Inflation Reduction Act includes a massive tax hike on workers. 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rel=\"alternate\" type=\"text\/xml+oembed\" href=\"https:\/\/www.based-politics.com\/wp-json\/oembed\/1.0\/embed?url=https%3A%2F%2Fwww.based-politics.com%2F2022%2F07%2F31%2Finflation-reduction-act-massive-tax-hike-on-workers%2F&#038;format=xml\" \/>\n<p>          <meta content=\"wordpress-plugin\" \/><\/p>\n<div id=\"td-mobile-nav\">\n<div id=\"login-form-mobile\" class=\"td-register-section\">\n<div id=\"td-register-mob\" class=\"td-login-animation td-login-hide-mob\">\n<p><span>Welcome!<\/span>Register for an account<\/p>\n<\/p><\/div>\n<div id=\"td-forgot-pass-mob\" class=\"td-login-animation td-login-hide-mob\">\n<div class=\"td-forgot-pass-close\">\n\t                <a href=\"https:\/\/www.based-politics.com\/2022\/07\/31\/inflation-reduction-act-massive-tax-hike-on-workers\/#\" aria-label=\"Back\" class=\"td-back-button\"><i class=\"td-icon-read-down\"><\/i><\/a><\/p>\n<p>Password recovery<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"td-outer-wrap\" class=\"td-theme-wrap\">\n<div id=\"tdb-autoload-article\" data-autoload=\"off\" data-autoload-org-post-id=\"4969\" data-autoload-type=\"\" data-autoload-count=\"5\">\n<div class=\"td-main-content-wrap td-container-wrap\">\n<div class=\"tdc-content-wrap\">\n<article id=\"template-id-2817\" class=\"post-2817 tdb_templates type-tdb_templates status-publish post\" itemscope itemtype=\"https:\/\/schema.org\/Article\">\n<div id=\"tdi_69\" class=\"tdc-zone\">\n<div class=\"tdc_zone tdi_70  wpb_row td-pb-row\">\n<div id=\"tdi_71\" class=\"tdc-row stretch_row_1400 td-stretch-content\">\n<div class=\"vc_row tdi_72  wpb_row td-pb-row\">\n<div class=\"vc_column tdi_74  wpb_column vc_column_container tdc-column td-pb-span12\">\n<div class=\"wpb_wrapper\">\n<div class=\"td_block_wrap tdb_single_subtitle tdi_76 td-pb-border-top td_block_template_1\" data-td-block-uid=\"tdi_76\">\n<div class=\"tdb-block-inner td-fix-index\">\n<p>Could the timing here get any worse?<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"tdi_78\" class=\"tdc-row stretch_row_1400 td-stretch-content\">\n<div class=\"vc_row tdi_79  wpb_row td-pb-row\">\n<div class=\"vc_column tdi_81  wpb_column vc_column_container tdc-column td-pb-span9\">\n<div class=\"wpb_wrapper\">\n<div class=\"td_block_wrap tdb_single_featured_image tdi_82 tdb-content-horiz-left td-pb-border-top td_block_template_1\" data-td-block-uid=\"tdi_82\">\n<div class=\"tdb-block-inner td-fix-index\">\n<figure><figcaption class=\"tdb-caption-text\">Image Credit: iStockPhoto.com, Lazy_Bear | US Secretary of Defense via Flickr | CC BY-SA 2.0 | (creativecommons.org\/licenses\/by\/2.0\/)<br \/>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<div class=\"vc_row_inner tdi_85  vc_row vc_inner wpb_row td-pb-row\">\n<div class=\"vc_column_inner tdi_87  wpb_column vc_column_container tdc-inner-column td-pb-span12\">\n<div class=\"vc_column-inner\">\n<div class=\"wpb_wrapper\">\n<div class=\"td_block_wrap tdb_single_author tdi_88 td-pb-border-top td_block_template_1 tdb-post-meta\" data-td-block-uid=\"tdi_88\">\n<div class=\"tdb-block-inner td-fix-index\"><a class=\"tdb-author-photo\" href=\"https:\/\/www.based-politics.com\/author\/brad-polumbo\/\" title=\"Brad Polumbo\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.based-politics.com\/wp-content\/uploads\/2022\/01\/brad-150x150.jpeg\" width=\"96\" height=\"96\" alt=\"Brad Polumbo\" class=\"avatar avatar-96 wp-user-avatar wp-user-avatar-96 alignnone photo\" \/><\/a><\/div>\n<\/div>\n<div class=\"td_block_wrap tdb_single_date tdi_89 td-pb-border-top td_block_template_1 tdb-post-meta\" data-td-block-uid=\"tdi_89\">\n<p><time class=\"entry-date updated td-module-date\" datetime=\"2022-07-31T17:21:35-04:00\">July 31, 2022<\/time><\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"td_block_wrap tdb_single_content tdi_92 td-pb-border-top td_block_template_1 td-post-content tagdiv-type\" data-td-block-uid=\"tdi_92\">\n<div class=\"tdb-block-inner td-fix-index\">\n<p>The best way to revive an economy as you head into a recession is to slap businesses and workers with a massive tax hike. Said no legitimate economist ever.<\/p>\n<p>Yet that\u2019s apparently the best plan President Joe Biden and Democrats in Congress can come up with. Their new so-called\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/www.democrats.senate.gov\/imo\/media\/doc\/inflation_reduction_act_one_page_summary.pdf\" target=\"_blank\" rel=\"noopener\">\u201cInflation Reduction Act,\u201d<\/a>\u00a0which would\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/www.based-politics.com\/2022\/07\/28\/inflation-reduction-act-2-reasons-bidens-bill-is-a-sick-joke\/\" target=\"_blank\" rel=\"noopener\">do almost nothing to reduce inflation<\/a>, also\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/www.crfb.org\/blogs\/whats-inflation-reduction-act\" target=\"_blank\" rel=\"noopener\">includes<\/a>\u00a0a $315 billion tax on businesses. This comes in the form of a 15% \u201cminimum corporate tax\u201d applied to major U.S. corporations.<\/p>\n<p>Biden\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/07\/27\/statement-from-president-biden-on-inflation-reduction-act-of-2022\/\" target=\"_blank\" rel=\"noopener\">says<\/a>\u00a0that this tax will allow him to spend huge sums on green energy subsidies and tax credits and \u201cpay for all of this by requiring big corporations to pay their fair share of taxes, with no tax increases at all for families making under $400,000 a year.\u201d<\/p>\n<p>Yeah, right.<\/p>\n<p>While this may be literally true in the sense that Biden will levy the tax on corporations, in reality, it will burden everyday people the most. Most economists\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/taxfoundation.org\/who-bears-burden-corporate-tax\/\" target=\"_blank\" rel=\"noopener\">agree<\/a>\u00a0that much of the true burden of corporate taxes is borne by workers through lower wages. There\u2019s some dispute about exactly what percentage is ultimately absorbed by workers, but even the most favorable, left-leaning analyses\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/www.wsj.com\/articles\/who-would-pay-bidens-corporate-tax-increase-is-key-question-in-policy-debate-11620130284?mod=e2twe\" target=\"_blank\" rel=\"noopener\">acknowledge<\/a>\u00a0that it\u2019s a significant chunk. Meanwhile, most research says it\u2019s the majority!<\/p>\n<p>As I previously\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/www.washingtonexaminer.com\/opinion\/bidens-tax-hike-on-big-business-will-actually-slap-workers-in-the-face\" target=\"_blank\" rel=\"noopener\">summarized<\/a>:<\/p>\n<p><em>\u201cWilliam C. Randolph of the Congressional Budget Office found that for every dollar raised by the corporate tax, approximately 70 cents comes out of workers\u2019 wages. Further confirming this finding, research from the Kansas City Federal Reserve concluded that a 10% increase in corporate taxes reduces wages by 7%.\u201d<\/em><\/p>\n<p>So, Biden\u2019s plan to squeeze $315 billion more out of corporations actually means squeezing hundreds of billions out of workers \u2014 at the exact time we can least afford it.<\/p>\n<p>Not only are families suffering under the crushing weight of inflation, but we also just\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/www.wsj.com\/articles\/us-q2-gdp-growth-economy-11658981184?mod=hp_lead_pos2\" target=\"_blank\" rel=\"noopener\">crossed into<\/a>\u00a0a second consecutive quarter of a shrinking economy, which despite the White House\u2019s attempted gaslighting, remains the conventional definition of a recession. (It is even used as the definition in\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/fee.org\/articles\/the-biden-administration-says-us-not-in-a-recession-but-federal-statutes-say-otherwise-who-is-right\/\" target=\"_blank\" rel=\"noopener\">several federal laws<\/a>.) Raising taxes on businesses and workers is hardly ever a good idea, but in our current situation, it would be a gut punch to the productive sector at the worst possible time.<\/p>\n<p>Tax Foundation Vice President of Federal Tax &#038; Economic Policy William McBride\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/taxfoundation.org\/higher-taxes-inflation-recession\/\" target=\"_blank\" rel=\"noopener\">warns<\/a>\u00a0that this tax increase would \u201creduce incentives for \u2026 companies to invest, grow, hire, and raise wages.\u201d<\/p>\n<p>He adds that in our current economic situation, \u201cit would be extremely unwise to raise taxes, especially the type of taxes advocated by this administration, which would do excessive harm to the economy.\u201d<\/p>\n<p>Indeed, it would. If Biden has any sense left in him, he\u2019ll heed this warning. But more realistically, swing-vote Sen. Kyrsten Sinema may now be\u00a0<a class=\"Link  stylish-link\" href=\"https:\/\/www.vox.com\/policy-and-politics\/23282983\/inflation-reduction-act-kyrsten-sinema-josh-gottheimer\" target=\"_blank\" rel=\"noopener\">our only hope<\/a>\u00a0of killing this terrible bill and sparing the public more economic suffering.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/restoring-america\/fairness-justice\/biden-pushes-massive-tax-hike-on-workers-as-recession-begins\" class=\"stylish-link\"><em>This article originally appeared in the Washington Examiner.<\/em><\/a><\/p>\n<p class=\"p1\"><b>Like this article? 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These including our newsletter or other informational emails*<\/p><\/div>\n<\/div>\n<div class=\"tdm_block td_block_wrap tdm_block_column_title tdi_102 tdm-content-horiz-center td-pb-border-top td_block_template_1\" data-td-block-uid=\"tdi_102\">\n<div class=\"td-block-row\">\n<div class=\"td-block-span12 tdm-col\">\n<h3 class=\"tdm-title tdm-title-sm\">Our Latest Podcast<\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"tdm_block td_block_wrap tdm_block_column_title tdi_106 tdm-content-horiz-left td-pb-border-top td_block_template_1\" data-td-block-uid=\"tdi_106\">\n<div class=\"td-block-row\">\n<div class=\"td-block-span12 tdm-col\">\n<h3 class=\"tdm-title tdm-title-sm\">Related articles<\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"tdi_113\" class=\"tdc-row stretch_row_1400 td-stretch-content\">\n<div class=\"vc_row tdi_114  wpb_row td-pb-row\">\n<div class=\"vc_column tdi_116  wpb_column vc_column_container tdc-column td-pb-span12\">\n<div class=\"wpb_wrapper\">\n<div class=\"tdb-author-box td_block_wrap tdb_single_author_box tdi_119 tdb-content-vert-center td-pb-border-top td_block_template_1\" data-td-block-uid=\"tdi_119\">\n<div class=\"tdb-block-inner td-fix-index\"><a href=\"https:\/\/www.based-politics.com\/author\/brad-polumbo\/\" class=\"tdb-author-photo\" title=\"Brad Polumbo\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.based-politics.com\/wp-content\/uploads\/2022\/01\/brad-150x150.jpeg\" width=\"96\" height=\"96\" alt=\"Brad Polumbo\" class=\"avatar avatar-96 wp-user-avatar wp-user-avatar-96 alignnone photo\" \/><\/a><\/p>\n<div class=\"tdb-author-info\"><a href=\"https:\/\/www.based-politics.com\/author\/brad-polumbo\/\" class=\"tdb-author-name\">Brad Polumbo<\/a><\/p>\n<p>Brad Polumbo is a libertarian-conservative journalist and co-founder of Based Politics. His work has been cited by top lawmakers such as Senator Rand Paul, Senator Ted Cruz, Senator Pat Toomey, Congresswoman Nancy Mace, Congressman Thomas Massie, and former UN Ambassador Nikki Haley, as well as by prominent media personalities such as Jordan Peterson, Sean Hannity, Dave Rubin, Ben Shapiro, and Mark Levin. Brad has also testified before the US Senate, appeared on Fox News and Fox Business, and written for publications such as USA Today, National Review, Newsweek, and the Daily Beast. He hosts the Breaking Boundaries podcast and has a bachelor\u2019s degree in economics from the University of Massachusetts Amherst.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>                    <span class=\"td-page-meta\" itemprop=\"author\" itemscope itemtype=\"https:\/\/schema.org\/Person\"><meta itemprop=\"name\" content=\"Brad Polumbo\" \/><meta itemprop=\"url\" content=\"https:\/\/www.based-politics.com\/author\/brad-polumbo\/\" \/><\/span><meta itemprop=\"datePublished\" content=\"2022-07-31T17:21:35-04:00\" \/><meta itemprop=\"dateModified\" content=\"2022-07-31T17:21:35-04:00\" \/><meta itemscope itemprop=\"mainEntityOfPage\" itemtype=\"https:\/\/schema.org\/WebPage\" itemid=\"https:\/\/www.based-politics.com\/2022\/07\/31\/inflation-reduction-act-massive-tax-hike-on-workers\/\" \/><span class=\"td-page-meta\" itemprop=\"publisher\" itemscope itemtype=\"https:\/\/schema.org\/Organization\"><span class=\"td-page-meta\" itemprop=\"logo\" itemscope itemtype=\"https:\/\/schema.org\/ImageObject\"><meta itemprop=\"url\" content=\"https:\/\/www.based-politics.com\/2022\/07\/31\/inflation-reduction-act-massive-tax-hike-on-workers\/\" \/><\/span><meta itemprop=\"name\" content=\"Based Politics\" \/><\/span><meta itemprop=\"headline\" content=\"Could the timing here get any worse?\" \/><span class=\"td-page-meta\" itemprop=\"image\" itemscope itemtype=\"https:\/\/schema.org\/ImageObject\"><meta itemprop=\"url\" content=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/biden-stock-market.png\" \/><meta itemprop=\"width\" content=\"1800\" \/><meta itemprop=\"height\" content=\"942\" \/><\/span>                <\/article>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Inflation Reduction Act: Massive Tax Hike on Workers?<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1581775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1581775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1581775"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1581775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1581775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1581775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1581775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}