YIKES: Kudlow Says Biden’s Policies Would Make U.S. Tax Burden Higher Than China

NewsBusters ^ | 5/19/2021 | Joseph Vazquez

[JV3MRC]

Fox Business host Larry Kudlow shocked the airwaves when he argued that the U.S. tax burden will be greater than that of communist China under President Joe Biden’s tax plan.

Kudlow stated that “America will have significantly higher tax burdens than China” if Biden achieves his goals during the May 18 edition of his show Kudlow. Kudlow said this would occur “if we jack up the corporate tax rate from 21 [percent] to 28 percent, if we increase global minimum corporate tax from ten-and-a-half to 21 percent, and if we double the capital gains tax.” In his estimation, “That’s not America first. In fact, it won’t even be America second. Because most of our European friends and our Asian friends will have much lower business and investment taxes than the U.S. will.”

Kudlow is right on target. For example, China’s current corporate tax rate sits at 25 percent, three percentage points lower than the federal corporate tax rate Biden is pushing for.

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Captain America

[Does so]

Kudrow should know...