News Coverage

A higher corporate rate would hamstring, rather than help facilitate, America’s economic comeback

The National Association of Manufacturers released a new study detailing the short- and long-term damage to the American economy if the corporate tax rate were raised to 25%

“Including state corporate taxes, a 25 percent federal corporate income tax rate would result in a combined average top corporate tax rate of 29.53 percent—higher than the 23.51 average among industrialized countries in the OECD.”

“IRS Commissioner Chuck Rettig’s recent comments before my former colleagues on the Senate Finance Committee represents the larger problem with any proposal to raise the federal corporate income tax rate.”

“Congress’s first priority should be to close the loopholes”

“One million jobs would be lost in the first two years if the corporate tax rate increased to 28 percent and other policies went into effect”

CNBC’s Becky Quick says “the solution isn’t to raise the corporate tax rate [on those] who are actually paying what they are supposed to be paying – the solution is to tighten the loopholes.”

If the corporate rate goes up, it will reduce the incomes of the middle class

Let’s join together to eliminate wasteful loopholes rather than jobs. In addition, let’s work to strengthen the enforcement of existing tax laws rather than weaken a tax code that empowers U.S. businesses of all sizes to grow. And let’s maintain our globally competitive rate to help reignite our economy, create new opportunities for our country’s workers, and keep investment right here in America at a time when all three of these pillars of prosperity are needed the most.

CNBC Interviews the former Chairman & CEO of EY who says, “Could you imagine today if business had that higher tax rate and was trying to deal with all of these COVID-19 issues? I don’t think we’re going to be able, in this environment, to go back to the massive tax increases on business.”