Skip to comments.Dems Eye 33% Corporate Rate Hike
Posted on 01/07/2019 9:05:04 PM PST by Beave Meister
House Budget Chairman John Yarmuth (D-Ky.) has announced that the forthcoming budget blueprint will call for a 33 percent corporate income tax rate by hiking the rate from 21 percent to 28 percent. This would make the U.S. a less competitive place to do business and make the U.S. statutory rate higher than many developed competitors.
State corporate taxes average 6 percent across the U.S, so this planned tax hike would give the U.S. an average top corporate rate of 34 percent.
The current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD) is currently 23.7 percent.
This proposed tax hike would make the U.S. rate higher than major competitors such as the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), Germany (29.8 percent), and Ireland (12.5 percent).
"Hiking the tax rate on American businesses will kill jobs, lower wages, and reduce new investment in America," said Grover Norquist, president of Americans for Tax Reform. "Why do the Democrats want to damage American competitiveness and job creation?"
Not only will raising the 21 percent rate make America less globally competitive, it will also harm todays strong economic growth, growing wages, record job openings, and lower utility bills.
Just last week, it was announced that the U.S. economy added 312,000 jobs in December. Over the past 12 months, wages have grown 3.2 percent and 2.6 million jobs being created.
(Excerpt) Read more at atr.org ...
I will believe that when I see the new Senate actually take a stand. All I have seen so far is Romney, and that is not a heartening sight.
Democrats can’t understand basic economics. If they get in again, they will destroy the economy. Morons.
Corporations real tax rate is zero. The taxes they pay are passed on to the consumer in the cost of goods. An increase in corporation taxes is really a tax on the public at large.
What the hell are they thinking???
I can't believe it isn't obvious to everyone now but the answer is they hate America and want to kill it. 0bama wasn't proof enough of that?
DOA - senate won’t pass it and Trump won’t sign it.
I”m envisioning a lot of government shut downs over the next two years, or a lot of kicking the can down the road with continuing resolutions.
These idiots think their punishing corporations, but where to they think the money comes from for corporations to pay taxes? Did it ever occur to them that consumers are the source of the cash? Also, as a consumer, who do I think can better spend a dollar: A company that builds plants and equipment and hires people, or a bunch of bureaucrats who only care about their job?
They can shop all they want, it will make excellent fodder against them in the next campaign.
Such talk is insanity - and proves that Democrats care nothing at all about “fiscal sanity” (as Nancy Pelosi claimed), about jobs, about prosperity of the “common people” -
They are not ignorant of reality - that the “Trump tax cuts” - including those of Corporate rates... have stimulated the economy and led to historic low unemployment and the fastest rising average incomes in decades. But they don’t care - their system keeps them growing fat - but they wnat everyone else to be slaves to the government, one way or another.
For what? So they can give the extra money to illegals and bums?
Or signed by Trump.
Hike the tax rates for all civilian government employees. Elected and appointed officials should pay at a rate of 75%
They can’t help themselves. They are incapable of learning from experience. Truly, the overused word “stupid” applies to these idiots.
That theyll stick it to Da Man and crash the economy in time for the election. Every day is Opposite Trump Day for them.
If thinking can be defined as: applying intelligence and all available data to analyze, then solve a problem - the Democrats aren't doing anything of the kind.
Pelosi and the rest of the clowns in DC need to study the Laffer Curve.
The leftards want to tank the economy and then blame it on Trump. A-Holes.
They’re committing political sewerside without us even asking them!
Go for it!
I HATE THESE IDIOTS!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.