The folly of raising corporate tax rates
By Bruce Thompson
December 16, 2022
Labor unions and labor-backed groups are urging the lame-duck Congress to pass a bill that would devastate the working men and women they claim to represent. They want to raise the U.S. corporate tax rate to one of the highest levels in the world.
With economic experts forecasting a major economic slowdown next year, raising the corporate tax rate would have a disastrous effect on our economy, making the coming downturn deeper and longer lasting. Study after study has shown that a higher corporate tax rate would be harmful to economic growth, leading to lower wages, higher prices, and the loss of millions of jobs.
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