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?"
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.
The U.S. has been named the most competitive economy in the world. Manufacturers just had their most successful year since 1997 and small business optimism is at record highs.
Raising the corporate rate, as House Democrats are proposing, would undo these gains.
Americans for Tax Reform recently launched a special project, Defend21.org, to stand firm against any and all attempts to raise the corporate tax rate.
Poster Comment:
A certain percentage of the Democrats and Republicrats is deranged. Actually, what am I saying...they are all deranged, though to varying degrees.
#1: A K A Stone To: IbJensen (#0)
A K A Stone posted on 2019-01-08 08:40:01 Reply Private Reply
#2: Stoner To: A K A Stone (#1)
Yeah, big cages for all commie crats, and all commie publicans !!! I am definitely in favor of that !!!!
My question for you, HOW DO WE GO ABOUT DOING THAT ???
Stoner posted on 2019-01-08 10:12:20 Reply Private Reply
#3: IbJensen To: Stoner (#2)
1. Dissolve Congress.
2. Declare Trump Czar.
3. Declare the Constitution null and void; because, after all, the left has used it as toilet paper for eons.
IbJensen posted on 2019-01-08 14:44:33 Reply Private Reply
#4: paraclete To: IbJensen (#0)
well you have raised tariffs so you might as well raise taxes
paraclete posted on 2019-01-08 22:04:51 Reply Private Reply
#5: IbJensen To: paraclete (#4)
Who is the 'YOU" referred to? You didn't copy and paste my comments. Do you know how?
IbJensen posted on 2019-01-08 23:03:18 Reply Private Reply
#6: paraclete To: IbJensen (#5)
No, I modified your comments to reflect the situation, who is the you? the US or Trump or any interested party, it is like the mysterious "they" it means what you want it to mean, I could have said "they", instead of "you", if it makes the meaning clearer please substitute, but know this, I don't spend my time being politically correct, but how do I know tariffs have been raised, I read, I watch news programs, I listen to the bleating of sheep
paraclete posted on 2019-01-08 23:56:03 Reply Private Reply
#7: IbJensen To: paraclete (#6)
IbJensen posted on 2019-01-09 08:16:02 Reply Private Reply
#8: paraclete To: IbJensen (#7)
I wasn't referring to "It" but to "you" and "they". I'll try to make my remarks plain to you, The americans, personified by Trump have raised tariffs, this was the original "you" and the later "they" in clarification. "It" plays no part in my remarks but in the strict sense of the intrepretation it might refer to the tariffs or the taxes
So my sentence might have read "They have raised tariffs so they might as well raise it
paraclete posted on 2019-01-09 23:56:23 Reply Private Reply
#9: IbJensen To: paraclete (#8)
IbJensen posted on 2019-01-10 07:56:17 Reply Private Reply
#10: paraclete To: IbJensen (#9)
paraclete posted on 2019-01-10 16:03:05 Reply Private Reply