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.
CRUMBS ACT: House Republicans Unveil PELOSI INSPIRED Bonus Bill
House Republicans are poised to introduce the Nancy Pelosi-inspired ‘Crumbs Act’ this week; unveiling new legislation that would make bonuses and other one-time payouts to American workers tax free.
Congressman Todd Rokita announced the proposal, called Creating Relief and Useful Middle-Class Benefits and Savings -also known as the CRUMB Act- Tuesday, a clear reference to House Minority Leader Nancy Pelosi’s infamous swipe at millions of Americans who received an annual bonus following the passage of the GOP tax cut legislation.
“Americans are receiving thousands of dollars in bonuses and more money in their paychecks thanks to President Trump’s tax reform, but out-of-touch Democratic leaders believe they only amount to crumbs,” Rokita said in a statement.
“The CRUMBS Act will let Americans keep more of the money they receive as a result of President Trump’s tax reform, and allow them, not the government, to choose how best to spend their bonuses,” he added.
The former Speaker of the House repeatedly denounced the bonuses and higher wages as “pathetic crumbs” after President Trump signed the sweeping tax overhaul into law; slamming the major cuts as a “scram” for working families.
CRUMBS! Pelosi Slams ‘GOP TAX SCAM,’ Says Republicans IGNORING ‘Working Families’
House Minority Leader Nancy Pelosi doubled-down on her non-stop attacks against the GOP tax cuts Tuesday; blasting her Republican colleagues for “giving handouts” to the top one percent while ignoring America’s “working families.”
The leading Democrat slammed President Trump’s signature tax cuts on social media Tuesday; signaling her party’s willingness to repeal the overhaul should they retake control of Congress this fall.
“Once again, the @HouseGOP proves they are obsessed with giving handouts to the top 1 percent, while leaving America’s working families with the check. #GOPTaxScam,” posted Pelosi.
Once again, the @HouseGOP proves they are obsessed with giving handouts to the top 1 percent, while leaving America’s working families with the check. #GOPTaxScam https://t.co/vlmt0XvpMK
— Nancy Pelosi (@SpeakerPelosi) September 11, 2018
Pelosi’s comments come just hours after GOP House members unveiled new legislation that would make the President’s tax cuts “permanent” beyond their 2025 expiration date.