The ranking member of the powerful House Ways and Means Committee said Tuesday President Biden’s push to raise the corporate tax rate is going to make the nation less competitive on the global stage and have a negative impact on American workers.
Rep. Kevin Brady of Texas said Mr. Biden’s push to raise the corporate tax rate from 21% to 28% is going to slow hiring, lead to less investment in the United States and trigger a “second wave of U.S. companies inverting or moving headquarters overseas in the long run.”
“That’s why I think this is such a major mistake,” Mr. Brady said on CNBC.
Mr. Biden is seeking to raise the corporate tax rate as a way to cover the cost of his $2.25 trillion American Jobs plan, which calls for more federal spending on a list of things - such as revamping the nation’s roads and bridges, expanding broadband and boosting elderly services.
Mr. Brady said Trump tax cuts of 2017 — which sliced the corporate tax rate from 35% to 21% — helped to boost household income, reduce poverty and shrink income equality, and said Mr. Biden’s vision would send the nation is the wrong.
“No president has ever raised business taxes to rebuild an economy,” he said.
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