WASHINGTON, D.C. – The RATE Coalition released the following statement on the White House FY2024 budget that called for an increase in America’s federal corporate tax rate.

“While the White House budget identifies a number of important priorities, the corporate rate increase would position our country further behind competitors around the globe. We can’t build back better with a higher tax burden than China who boasts a rate as low as 10 percent for some industries. And as international economic uncertainty appears poised to worsen, American businesses need a stable, competitive environment to meet the coming challenges. 

“A corporate tax hike would deal devastating and unnecessary consequences for American businesses, workers, and families. In fiscal year 2022, corporate tax receipts totaled $425 billion, the highest level ever. When combined with state and local taxes, America’s 25.8% tax burden is already higher than the global average of 23.4%. We encourage policy makers to help the American economy thrive and disregard proposals to make our domestic businesses less competitive in the global marketplace.” 

Background: RATE Coalition members employ 53 Million Americans working in all 50 states.  Our objective is to maintain America’s globally competitive corporate tax rate and create the best climate for our nation’s economy, job creators and workforce to succeed into the future. Learn more at RATEcoalition.com.