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| Economy |
| Business groups brace for Dem push to hike corporate taxes |
| 2018-11-26 |
| [The Hill] The business community is bracing for Democratic proposals to raise the corporate tax rate to pay for infrastructure spending and other priorities. Infrastructure is seen as one of the rare areas where Democrats and President Trump might be able to come to a deal, since both sides have called for improvements to the nation’s roads, railways and bridges. The problem is how to pay for the new spending. Many in Washington expect Democrats to push for a hike in the corporate tax rate, which was slashed under the tax law championed by Trump. "I have no doubt that it will be considered," said Marcia Hale, president of the infrastructure advocacy group Building America’s Future. That’s a non-starter for business groups, and likely will be for Trump and most congressional Republicans as well. "Talk of repealing any part of the tax reform bill is a non-starter," Ed Mortimer, U.S. Chamber vice president of transportation and infrastructure, said in a statement to The Hill. The GOP tax law cut the corporate tax rate from 35 percent to 21 percent as part of an effort to make the U.S. more in line with other countries. Many Democrats also thought the corporate tax rate was too high at 35 percent, but view the GOP cut as too large. Congressional Democrats also voted unanimously against the tax law, arguing that it disproportionately benefited businesses and wealthy individuals. Democrats have already released some proposals to roll back the corporate tax cut and other aspects of the GOP tax law in order to pay for infrastructure. Last year, top Senate Democrats proposed raising the corporate rate to 25 percent, and rolling back parts of the tax law that benefit the wealthy, to fund $1 trillion in infrastructure investments. The Democrats said that the corporate-tax increase would raise $359 billion over 10 years. Outgoing Rep. John Delaney (D-Md.), who is running for president, has floated increasing the corporate tax rate to 23 percent to raise about $200 billion for infrastructure. "This small change to the new tax law would be more than worth it, because smart infrastructure investment helps businesses compete and grow," Delaney said in a letter to Trump earlier this year. Henry Connelly, a spokesman for House Minority Leader Nancy Pelosi (D-Calif.), the favorite to become Speaker next year, said "Democrats are looking at a variety of options to pay for bold infrastructure investments in the next Congress." |
| Posted by:Besoeker |
| #10 >Taxes go only one way — up and never down. Taxes on America workers only go up. It's why the globalist left hate rising tariffs to fund income tax-cuts. They want American's taxed not Chinese. |
| Posted by: Bright Pebbles 2018-11-26 17:18 |
| #9 The Democrat Financial Check Valve Effect Taxes go only one way — up and never down. |
| Posted by: Alaska Paul 2018-11-26 15:41 |
| #8 They never seem to understand that raising corporate taxes means higher prices for consumers True, SPOD. Some even think that too many troops will tip an island over, too. You're talking about the same demographic here. |
| Posted by: Mullah Richard 2018-11-26 15:34 |
| #7 They never seem to understand that raising corporate taxes means higher prices for consumers. Maybe they do, those higher price mean more sales tax dollars for their festering democratic fiefdoms. |
| Posted by: Sock Puppet of Doom 2018-11-26 15:20 |
| #6 This initiative should be DOA. I know the Republican Senate is next to worthless, but Trump isn't going to sign away the gains he made in his first 2 years. |
| Posted by: Iblis 2018-11-26 13:11 |
| #5 The Trump revolution, as such, will be on hold until a Republican house is brought back because the ultimate goal of such a revolution isn't raising/lowering taxes, it's eliminating public sector paychecks in droves. President Trump can continue quietly downsizing the government payroll in the meantime through his various secretaries and department heads. |
| Posted by: trailing wife 2018-11-26 12:43 |
| #4 Unless they can get it through the Senate, this is DOA. Our current boom in GPA and jobs comes from those tax cuts. Which means the demoncrats hate it as it makes the workers and businessmen dependent on themselves instead of the government. |
| Posted by: DarthVader 2018-11-26 09:55 |
| #3 All of this is for naught. The Trump revolution, as such, will be on hold until a Republican house is brought back because the ultimate goal of such a revolution isn't raising/lowering taxes, it's eliminating public sector paychecks in droves. And since Democratic party politicians have as their #1 job acting as mercenaries to protect every single one of those (mostly) unneeded government paychecks, at any cost to the U.S. at large, we are at a pause. |
| Posted by: no mo uro 2018-11-26 07:07 |
| #2 "investments" means overpriced crap rail they get kickbacks on depending on how much they let contractors skim from the taxpayer? |
| Posted by: Bright Pebbles 2018-11-26 05:12 |
| #1 Infrastructure = Democratic donors. Learned the lesson in 2009 and won't get fooled again. |
| Posted by: Thumper Hupineque1276 2018-11-26 04:46 |