It’s the general consensus of economists that companies tend to pass on increases in taxes to their customers as well as their employees, in the form of lower wages.
But the White House insists its intent to raise the corporate tax rate won’t have any effect on America’s middle class.
Biden’s press secretary, Jen Psaki, said in an interview Thursday with “MSNBC Live” that the president “believes that the American people are smart.”
“They’re invested in this,” she told the network’s Hallie Jackson. “They’re going to pay attention and that they know that corporations do not need to raise the cost of goods in order to pay more taxes and pay more of their fair share.”
Psaki was speaking to Hallie Jackson of “MSNBC Live” in an interview that aired Thursday, Breitbart News reported.
The White House spokeswoman insisted that, as Biden promised on the campaign trail, people making below $400,000 would not see any increase in their taxes
“[Biden] believes people should pay their fair share, and that includes corporations, and that’s a way that we can help fund some of the really important programs that will help create more jobs, help in innovations,” she said.
Shouldering the burden
Under President Trump, the 2017 tax law lowered the corporate tax rate from 35% to 21%. Biden is s