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 today’s 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 ...
If I could wave my hand and amend the Constitution, I would put in a clause that every member of Congress has to pay the absolute top tax rate - no exceptions. I would also make it a law that all elected officials in the US have to have a tax audit every year they are in office.
Exactly ... and liberals LOVE hidden taxes.
I am a conservative Republican who owns a small business in California.
My income for my family is the net income of this C Corp.
We have 7 employees in addition to myself. We make between 150K and 200K per year before taxes. A tax rate of 28% is crazy. With the 70 hour weeks it is barely worth doing at that rate. The biggest benefit to this business is the $420K in salaries I pay to the other employees.
An increase in Federal taxes would put me right there to close the business. Who needs it?
They believe that if they tank the economy, then Trump won’t be re-elected in 2020.
They can eye any tax hike they wan it is DEAD IN THE WATER they have NO POWER Senate and POTUS will knock down EVERYTHING they put forward San Fran Nan is POWERLESS hope she enjoys her tenure!!!
Actually they need the economy to tank in order to have a chance to beat Trump in 2020. If the economy is booming in 19-20 then they have no chance of beating him.
[[What the hell are they thinking???]]
They are thinking about lining their pockets with our money- that’s what
wouldn’t it be great if because of rate increases, democrat donors switched parties?
Oh, many of them do understand the economics. Their goal is summarized in the article: “Not only will raising the 21 percent rate make America less globally competitive, it will also harm today’s strong economic growth, growing wages, record job openings, and lower utility bills.”
Again, THAT IS THEIR GOAL. Poor impoverished people are easier to control.
That's it exactly.
For the 'rats, the more people on welfare and beholden to the government, the better.
33% increase is peanuts compared to what their presidential candidates will propose. The Democrat primary season is shaping up to be a Socialist-fest.
That’s too complex for Cortez, I would say.
Perfect comparison with the story of the scorpion crossing the river on the back of the frog.
That's what they do.
This is the winning argument. I've complained for years about tone deaf Republicans who run around chasing squirrels and can't hold the commanding heights. Here is another test. The central rationale for the last tax cut was that the U.S. had the highest corporate tax rates in the industrialized world, leading to investment, jobs, and companies flowing abroad. The Democrats want to double down on stupid.
Never, ever under-estimate the lack of backbone in the Stupid Party in the U.S. Senate.
Just when we think they've found it, they quickly demonstrate how they've lost it.
PDJT will *never* sign such a tax hike, that doesn't mean the Stupid Party in the Senate won't cave.
Make America Worse Again.
I wish them luck with their new campaign slogan...
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