Sen. Blanche Lincoln: It Would Be a Major Blunder to Raise Taxes Right Now

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.

REPORT: Corporate Tax Hike Eliminates 159K Jobs And Reduces Wages

The Tax Foundation: “We estimate that this would reduce long-run economic output by 0.8 percent, eliminate 159,000 jobs, and reduce wages by 0.7 percent. Workers across the income scale would bear much of the tax increase. For example, the bottom 20 percent of earners would on average see a 1.45 percent drop in after-tax income in the long run.” 

Sen. Blanche Lincoln: Corporate Tax Hike Is the Wrong Approach at Worst Time

Rather than raising taxes on the very domestic companies that can help drive America’s economic recovery out of this recession, our approach should seek to close the types of loopholes that President Obama lamented. Rather than encumbering companies that are struggling from this pandemic – and worse still, incentivizing the relocation of their operations and opportunities overseas – our approach should seek to ensure that no company can evade the tax rate already on the books.