BY Michael Austin, The Western JournalFebruary 20, 2023
1 year ago
 | February 20, 2023
1 year ago

Your 401(k) Is Toast if Biden Attacks 'Big Oil'

President Joe Biden's battle against "Big Oil" may harm the average American's retirement savings.

During his Feb. 7 State of the Union address, Biden announced his administration's plan to quadruple the tax on corporate buyback investments from 1 percent to 4 percent.

The president lambasted large oil and gas companies for choosing to use their profits to buyback their own stocks, rather than increase their production 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 then promised to increase other taxes on major corporations.

Despite what was said, however, it appears that the majority of these taxes won't actually be taken on by the corporations themselves.

Rather, those taxes will be passed onto consumers through various means, including higher prices for customers and lower wages for workers.

(The following interview was first included in an exclusive report for The Western Journal's subscribers. The report investigated many of the claims made during Joe Biden's State of the Union address and found that many of the president's promises to lower day-to-day costs for everyday Americans would actually result in the opposite. Consider subscribing to The Western Journal to see more content like this).

“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,” Grover Norquist, the president of Americans for Tax Reform, told The Western Journal.

According to Norquist, Biden's corporate buyback tax will ultimately harm the stock market by preventing major corporations from investing in it.

As a result, share prices will be reduced, the stock market will lose money and the retirement equity of a majority of Americans will be harmed.

“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.

So, corporate taxes may very well hurt the average American by reducing wages, raising 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.'”

This article appeared originally on The Western Journal.

Written by: Michael Austin, The Western Journal



Third Senate Democrat Urges Biden to end 2024 Campaign

In a surprising twist in the political landscape, Sen. Martin Heinrich of New Mexico has publicly requested President Joe Biden to withdraw his candidacy in…
9 hours ago
 • By Benjamin Clark

New York AG Announces Indictment in Major Ghost Gun Case

In a sweeping action against illegal firearms, New York's attorney general has unveiled a major indictment involving ghost guns. New York authorities under the auspices…
9 hours ago
 • By Benjamin Clark

Former Trump Adviser Peter Navarro Receives Warm Welcome at RNC After Prison Release

Just hours after his release from a federal prison, former Trump adviser Peter Navarro received a hero's welcome at the Republican National Convention held in…
9 hours ago
 • By Benjamin Clark

Thomas Matthew Crooks Concealed Rifle for Attack at Trump's Rally, Killed by Sharpshooter

Fox News reported that the gunman at a Trump rally hid an AR-15 rifle at the venue ahead of an assassination attempt on July 13,…
1 day ago
 • By Benjamin Clark

J.D. Vance Emotionally Overwhelmed by Wife's Speech at GOP Convention

Ohio Senator J.D. Vance was brought to tears backstage as his wife, Usha Vance, introduced him following her debut speech. According to Daily Mail, Usha…
1 day ago
 • By Benjamin Clark


We publish the objective news, period. If you want the facts, then sign up below and join our movement for objective news:



    Get news from American Digest in your inbox.

      By submitting this form, you are consenting to receive marketing emails from: American Digest, 3000 S. Hulen Street, Ste 124 #1064, Fort Worth, TX, 76109, US, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact.
      Christian News Alerts is a conservative Christian publication. Share our articles to help spread the word.