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 ...
47% at least would rather rule in hell than serve in heaven.
As long as they didn’t take the rest of us with them, I’d be ok if they went by themselves.
You are absolutely correct. There is no such thing as a corporate tax -- only taxes imposed on corporations that are ultimately paid by consumers.
A point that all Dems miss is that it is a regressive tax, taking a higher percentage of the income of a poor person than a wealthy one.
No doubt to make the Trump administration look bad..
Democrats always want to kill the goose with the golden eggs
Somebody has to pay for these govt workers and turn this private sector recovery back around.
Raise the taxes on Hollywierd and NYC.
Eat the rich and kill the economy. Same as it ever was.
What the hell are they thinking???
Damaging the economy before 2020 is the dems plan. A recession, amnesty and forgiveness of school loans will be heralded from the rooftops...that is our future.
Yes, exactly. Look for two years of virtue signaling to their base.
Another brick in the gridlock wall they RATS will be constructing for the next two years.
Then, they will run on gridlock being the Republican’s fault.
That nobody's repealed Sutton's Law.
Amazingly - the Quran instructs followers of Muhammed to lie for the advancement of the Islamic agenda and to simply get over on the infidel. Isn’t it interesting that the Democrat way so clearly mirrors this same value?
The same base scenario unfolded in the GW Bush years. When the Democrats took over - they systematically began trying to unravel what little progress he had made. The DIFFERENCE (I hope) - is that unlike GW who had no backbone to use the VETO pen, Trump mostly likely would be willing to use the VETO pen often and effectively.
There is no such thing corporate taxes. The businesses transfer the tax to the product. They sell the product at a higher price collect the transferred taxes and send it in. You pay the higher price. Thus the corporation becomes the tax collector for the government. Also this creates inflation. When was the last time you got a 30 percent raise? Plus your disapproval of the price increase is against the company, not the deceptive government.
Let's not inject reality into this conversation. /s
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