A new report from Americans for Tax Reform released this week shows Speaker Nancy Pelosi is planning a potential 33% corporate tax hike for her 2020 budget; raising the current rate from 21% to 28%.
“House Budget Chairman John Yarmuth (D-Ky.) has announced that the forthcoming budget blueprint will call for a 33 percent corporate income tax rate increase by hiking the rate from 21 percent to 28 percent. This would make the U.S. a less competitive place to do business and make the U.S. statutory rate higher than many developed competitors,” writes the ATR.
If passed, the revised rate would top other developed countries such as the UK at 19%, China at 25% and Canada at 26.8%.
“Hiking the tax rate on American businesses will kill jobs, lower wages, and reduce new investment in America,” said Grover Norquist, president of Americans for Tax Reform. “Why do the Democrats want to damage American competitiveness and job creation?”
Read the full report here.