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Analysis | Kevin McCarthy’s Claim Biden’s Plan Will Raise Taxes for Families Earning More Than $50,000

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Mark Bednar, a spokesperson for McCarthy, said people may be arguing about what proportion of corporate taxes is borne by labor, consumers and capital, but ultimately someone is paying the higher taxes. “Basically, higher corporate taxes should result in either higher prices for consumers, lower returns on investment (like the 401ks of middle-class families), or lower wages for employees (and more poorly funded pensions to boot),” he said. in an email.

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