Biden’s budget proposal is out.

I'm Peter Serefine with this week's Liberty Minute brought to you by Liberty Lighthouse Wellness, my new made in America supplement line.  Find them in the Shop at Liberty-Lighthouse.com

President Biden’s budget suggests increasing the corporate tax rate from 21 percent to 28 percent, ensuring that “large corporations pay their fair share.” The administration estimates this would generate $1.326 trillion in revenue.

Sure, increasing corporate tax might raise federal revenue. It also might cause corporations to fire employees to make up the difference.

A 7% increase in corporate tax might also cause the cost of everything you buy to go up by 7%.  After all, the inconvenient truth is that only consumers pay taxes.

Biden is also attempting to roll back part of the Trump tax cuts.

Remember that promise of no tax increases for anyone earning less than $400,000?  We all knew that was a lie, but rolling back a cut is the same thing as an increase.

Hopefully, the House of Representatives wont take the $6.8 trillion budget proposal seriously. Aww, crap.  That means all of our hope lies in Kevin McCarthy's hands.

Find more news and commentary at Liberty-Lighthouse.com

Until next time, si vis Pacem, Para Bellum