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Dear Reader,

Democrats running for the presidential election in 2020 all have the same plan: to raise taxes.  Not one Democrat has proposed letting people keep more of the money they’ve earned, but rather demand you give up your hard-earned cash to support their ideals.

Some are even bragging about how generous they’ll be with other people’s money (stolen property through income tax).

This isn’t going to bode well for an already shaky economic situation. In fact, according to a new analysis, this will likely result in the loss of 413,000 jobs.  That’s income that individuals will no longer have (and therefore won’t be able to pay any tax bill).  Democrats don’t seem to understand just how precarious most Americans are living right now.

Economist Erica York conducted a study that shows the plans Democrats have to raise corporate taxes will cost the country. “The corporate income tax is the most harmful tax to economic growth, so it shouldn’t be seen as a good option for funding various policy proposals,” York told the Washington Free Beacon.

President Donald Trump’s tax cuts, on the other hand, helped fuel the increase in consumer spending and prevented companies from slashing their workforces. The 2017 tax cuts also reduced corporate tax rates from 35% to 21%, helping spur a modest economic uptick. That policy has been a top target for Democrats seeking to run against Trump in 2020. Joe Biden has suggested raising corporate tax rates to 28%, while Elizabeth Warren, Bernie Sanders, and South Bend Mayor Pete Buttigieg have advocated for returning the tax rate to 35%.

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But these increases in taxes will have a negative effect on the broader economy, according to the Tax Foundation’s study. Biden’s corporate tax plan will slash the GDP (gross domestic product) by 1% and shave off 187,000 jobs from the U.S. economy. Meanwhile, the tax plan backed by Warren, Sanders, and Buttigieg would leave 413,000 people without work – and therefore without income.

When corporations are forced to pay more in taxes, they tend to no longer invest in a workforce and sometimes lay off people in order to still turn as much of a profit as they had been. “Higher corporate income tax rates will mean some investments that would have been worthwhile under the old tax codes will no longer be worthwhile under the higher tax rate,” York said. “When we had a 35 percent rate, we were an outlier amongst most of our competitors,” York added. “We had one of the highest corporate tax rates in the industrialized world. Lowering it made us more competitive, raising it back up would be a step in the wrong direction.”

Democrats have repeatedly taken shots at Trump’s tax cuts, saying they mostly benefited the wealthy, but the truth is that four in five American taxpayers have received smaller tax bills since it passed.

The truth is that those in government will always try to get their hands on as much of your money as possible while claiming it’s for your own good. But you can be prepared by making sure your personal finances are in order.

Best Regards,

James Davis
FutureMoneyTrends.com

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Legal Notice:
This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.

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