As Democrats look for new ways to pay for illegal aliens to become Democrat voters, now they want to jack up the corporate income tax. Democrats need a lot more revenue if they are going to fund their “green new deal” and “medicare for all.”
| Democrats want to jack up corporate income tax 33% |
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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 increase 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?”