Washington, D.C. – The Taxpayers Protection Alliance (TPA) slammed a tax hike proposal laid out by the White House over the weekend. The proposal represents the first significant tax increase on Americans in roughly three decades and comes at a time when the nation can least afford it.
In response, TPA President David Williams offered the following comment:
“It is unbelievable that as the country struggles to fiscally recover from the pandemic that the Biden administration would suggest raising taxes on millions of Americans and businesses. Any type of tax increase could prove to be the death knell for the many small businesses struggling to survive. With more than 10 million Americans unemployed, it is critical that the White House propose job growth policies. Raising taxes will destroy the economy.”
Williams continued, “Among the provisions in this package is a hike of the corporate tax rate. The Biden plan would vault the U.S. higher than the global average, giving the country a competitive disadvantage. This will drive business out of the country and force those that do stay to raise prices on consumers. Any tax increase on business is ultimately a tax hike on consumers. American families will also be damaged by an income tax increase, an expansion of the estate tax, and added taxes on small businesses. Raising taxes is always a bad idea. It is especially so during a global crisis like the one in which we now find ourselves.”
Williams concluded, “Americans cannot afford tax increases and this proposal should be dismissed without further discussion.”
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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.
