WASHINGTON, D.C. – The RATE Coalition, whose members and affiliates employ more than 53 million American workers in all 50 states, released the following statement regarding the proposed budget framework:
“The absence of a corporate rate increase in today’s framework is a welcome development for domestic employers as they work to bounce back from the Covid-19 pandemic. It is critically important to maintain a globally competitive corporate rate as the process moves forward. As scores of studies detail, any corporate rate hike generates acute consequences for American workers and consumers, including ‘massive job loss,’ lower wages, higher retail prices, and, per a recent Joint Committee on Taxation analysis, generally higher costs of living. It’s encouraging to see lawmakers recognized the importance of fairness as they shift their focus away from such harmful consequences – from those who are already paying a disproportionate share of income taxes.”
###
