The American people may pay a price for President Joseph Biden’s ambitious promises to counteract environmental harm brought on by “Big Oil.” If implemented, uncertainty over federal policy on oil and gas investments would have an effect on People’ retirement savings portfolios.
President Biden presented an ambitious proposal to hike corporation buyback investment taxes by four times their existing rate during his State of the Union speech. This tax increase is a part of a bigger initiative to improve the American economy and secure the financial future of our country.
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President Trump vehemently condemned the choice of big oil and gas companies to repurchase shares of their stock as opposed to using their earnings to boost output.
“Last year, they made $200 billion in the midst of a global energy crisis. I think it’s outrageous,” Biden said.
“They invested too little of that profit to increase domestic production … Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders.”
The president outlined intentions to increase taxes on large firms in an audacious bid to support economic expansion and prosperity.
Notwithstanding contradicting information, the majority of these taxes won’t be paid by firms directly, according to the final analysis.
Taxes will be paid by consumers in the form of higher prices and lower employee pay.
Several grandiose claims about cost-savings for American residents were made during President Joe Biden’s State of the Union speech. But, according to an exclusive analysis by The Western Journal, these statements may not be as true as they seem—in certain circumstances, they can even lead to greater expenses rather than reduced ones! You won’t want to miss what more The Western Journal has learned on this subject thanks to its in-depth investigations and commitment to providing fair news to readers around the nation. Subscribe now to be updated on new information.
“Roughly 70 percent of the corporate income tax is paid by workers in lower wages. So, when somebody says, ‘I’m going to raise $100 billion from companies,’ that’s $70 billion coming out of the pockets of workers, who will either have lower wages than they otherwise would or not have a job at all,” The Western Journal was informed by Americans for Tax Reform president Grover Norquist.
President Biden’s proposed corporate buyback tax, according to Norquist, could destroy the stock market by preventing firms from reinvesting their gains.
An alarming decline in stock market earnings is expected as a result of the shift in share prices, which would severely harm many Americans’ fragile retirement savings.
“One of the reasons Biden really doesn’t understand the importance of share prices … is that he’s so old that he remembers in the 1960s, 10 percent of Americans owned shares of stock directly,” Norquist said.
“Today, it’s over 60 percent because of IRAs and 401(k)s and defined contribution pensions,” he said.
Corporate taxes may thereby harm the typical American by lowering wages, increasing prices, and “trashing” his or her life savings.
“That is their life savings that he’s trashing. He’s going out there with a baseball bat and going through and breaking people’s life savings and making them poorer when they retire.”
“And he acts as if, ‘Oh, I’m not taxing you. I’m not hurting you. I’m taxing big corporations 1 percent … OK, 4 percent.’”
