WASHINGTON, D.C. – Senator Blanche Lincoln, a former Democratic U.S. Senator from Arkansas and RATE Coalition advisor, released the following statement regarding President Joe Biden’s tax proposal:
“American employers will struggle to build back better with an even higher corporate tax rate than global competitors like China. When combined with state and local taxes, American businesses already pay a tax rate above 25 percent – and above the OECD average of 23.4 percent. President Biden’s new proposal would raise the corporate tax rate by more than 33 percent and return our country’s combined rate to the highest in the industrialized world. This increase would undercut our country’s capacity to compete, shift domestic jobs and headquarters overseas, threaten key infrastructure investments proven to be essential during the pandemic, and reduce worker income. These consequences only underscore why corporate taxes, per the OECD, are the ‘most harmful type of tax [increase] for economic growth.’
“I urge my former colleagues in Congress and friends in the administration to eliminate the loopholes that enable profitable companies to pay little or nothing in taxes. Now is not the time to enact harmful policies which threaten the domestic jobs that are critical to our country’s economic recovery.”
# # #
The RATE Coalition’s members and affiliates represent one in four U.S. jobs
