Higher Corporate Taxes Are About to Hit Your Grocery Bill (And Everything Else)

Going to the grocery store costs the average American thousands of dollars more each year than it did when President Joe Biden took office. His new corporate tax will make it worse.

In the three-and-a-half years since Biden took office, food prices are up 30%, and normally affordable staples like eggs are as much 40% more expensive. 

Things finally started to ease, as inflation slowed and many workers’ wages have started to catch up. But Biden’s proposed corporate tax increase will unravel those gains and send prices skyrocketing all over again just as many families are finally feeling a sliver of relief.

Biden frames his proposal as pro-family and pro-worker. He’s increasing taxes on America’s big, bad businesses from 21% to 28% in the name of making corporations pay “their fair share.” It would reverse some of the cuts former President Donald Trump signed. Back then, the corporate tax rate was 35%, one of the highest in the world.

A Quick Lesson In Economics

Let’s do some Economics 101. When the cost of making or delivering something goes up, the sale price of that item goes up. In much the same way, it costs more to fill up at gas stations that have higher rent expenses. Similarly, housing prices go up when the prices of wood and brick go up. 

In 2020, researchers at the University of North Carolina’s Kenan Institute of Private Enterprise found that consumers take on 31% of the corporate tax burden. So of the estimated $1.35 trillion Big Guy Joe Biden’s tax hike will bring in over the next decade, Average Joes will pay $418 billion of the cost—$42 billion a year, when every dollar counts.

And many Average Joes and Janes will bear those costs without a job. The new taxes in Biden’s full budget proposal will wipe out nearly 800,000 jobs from the American economy. Research from the Congressional Budget Office shows a major chunk of the burden of a tax increase falls squarely on the shoulders of employees – sometimes even 100%.

More Taxes, More Waste, More Taxpayer Burden

Look, we need taxes to fund a government that provides for liberty and security. What we don’t need are unnecessary taxes that cut into your retirement to fund wasteful programs. And we especially don’t need America’s economy to go backwards. If Biden gets his way, the combined state and federal income tax rate for American businesses would be 32% That would create the second-highest tax burden in the world,well above the global average of 23.7%. We need companies basing their operations here, hiring people here—not going to other countries. That’s what happened when the Trump tax cuts reduced the corporate rate from 35% to 21% in 2017. The economy took off with middle-class families seeing their net worth increase by 40% by 2019.

Again, Big Guy Joe Biden is telling you this is all about making the rich pay “their fair share.” As if his tax proposals won’t hurt Average Joes. The truth is,these new taxes will cause people to lose their jobs while the cost of living goes up. On top of that, Biden is still going to raise taxes on individuals making as little as $11,000 a year by letting tax cuts expire at the end of 2025. 

So much for that 2020 campaign pledge about no one making less than $400,000 paying more in taxes, right?