Washington’s Proposed Tax Increases Would Impact All of Us

Current proposals would increase taxes by trillions of dollars — find out how those tax hikes would affect Americans across the country.

Corporate taxes may appear to target corporations, but economists agree: people bear the cost of corporate tax increases. While corporate tax hikes would initially fall on American businesses — American workers, consumers and savers would end up paying the bill in several ways:

  • Stagnant or lower incomes: Higher corporate taxes will reduce jobs and pay. It’s estimated that after-tax income would decline by an average of 1.7% if the proposed tax increases became law. Higher taxes on corporations mean fewer funds available for investments that boost productivity growth; less productivity growth in turn will suppress wages.

A recent study by the Joint Committee on Taxation revealed that families making less than $500,000 a year make up 98% of those hurt by corporate tax increases. Americans simply cannot afford the costs that will be shifted to them in the form of lower pay, reduced savings and higher prices if the current proposal to raise corporate taxes becomes law.

With the United States still emerging from the pandemic-induced economic slowdown, facing unknown risks of other variants affecting this country, and millions of unemployed Americans seeking work, this is not the time to increase taxes.

Make sure your voice is heard — call your representatives and tell them about the impact that unintended consequences of corporate tax increases have on people across the country.

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To learn more about the Alliance for Competitive Taxation, visit the website at www.actontaxreform.com/.

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The Alliance for Competitive Taxation promotes U.S. jobs, investment and rising incomes through the establishment of a competitive U.S. tax system.

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Alliance for Competitive Taxation

The Alliance for Competitive Taxation promotes U.S. jobs, investment and rising incomes through the establishment of a competitive U.S. tax system.