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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?"
originally posted by: vinifalou
a reply to: DBCowboy
Who cares?
I'm voting for them anyways because Trump said mean things!
Also he wants to stop illegal immigration, human trafficking, guns and drugs pouring into the country!
What a jerk!
GO DEMS!
originally posted by: carewemust
a reply to: DBCowboy
Seasoned Democrats in the House know that higher corporate taxes will kill off their big donations. Only the naïve newbies would vote for this. In the Senate, it won't even be brought to the floor for a vote.
#MeToo
originally posted by: Anathros
The title made me say "in other news, water is wet.."
Like always, Democrats plan to take money from the working class to bribe their targets voters...the entitled class.
originally posted by: DBCowboy
originally posted by: vinifalou
a reply to: DBCowboy
Who cares?
I'm voting for them anyways because Trump said mean things!
Also he wants to stop illegal immigration, human trafficking, guns and drugs pouring into the country!
What a jerk!
GO DEMS!
Well hell!
Just because Trump said stuff I made a pink hat and burned a car!
#MeToo!
originally posted by: sine.nomine
a reply to: DBCowboy
It seems like a sabotage move to ruin Trump's economy to me. It's a pretty harsh increase.