By Capt Joseph R. John, May 13, 2024
According to the Organization for Economic International Organization (OECD), the Biden/Obama administration new extraordinary high Fiscal 2025 Corporate Federal Income Tax proposals of 28 %, will result in the United States having the second highest corporate income tax rate in the world, behind Colombia’s corporate tax rate. By raising the US Corporate Federal Tax Rate to a level of 28%, that tax will have the most harmful effect on US Economic Growth, it will make all US Corporations less competitive internationally, and will contribute to significantly damage the US Free Enterprise System. The US Free Enterprise System created the most effective and robust economic engine in the history of mankind.
Biden/Obama administration officials view their new extraordinary high Fiscal 2025 Individual Federal Income Tax proposals, based upon the US Treasury Plan For DEI, as resulting in increasing fairness in the Federal Income Tax System. It imposes less of the tax burden on low-income Americans and Americans of color, while requiring White Americans to pay a proportionately greater share of Federal Income Tax to cover government services. The new extraordinary high Fiscal 2025 Individual Federal Income Tax proposal will go into effect on October 1, 2024, which is the beginning of the 2025 Fiscal Year: three months before the 2024 Federal Presidential…
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