Newly installed House Budget Committee Chairman John Yarmuth (D-Ky.) has proposed hiking the federal corporate income tax from 21 percent to 28 percent for the fiscal 2020 budget resolution.
The 33 percent increase would push the average corporate tax rate to 34 percent when coupled with state taxes, which average 6 percent nationally, Americans for Tax Reform reported. The 2017 GOP tax overhaul cut the federal corporate tax rate from 35 percent to its current rate of 21 percent.
Such an increase would make the U.S. statutory rate higher than many of its competitors, including the United Kingdom (19 percent), Ireland, (12.5 percent), China (25 percent), Canada (26.8 percent), and Germany (29.8 percent), ATR noted.
Also, ATR reported, the “combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD) is currently 23.7 percent.” – READ MORE