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Business groups brace for Dem push to hike corporate taxes | TheHill

posted onNovember 26, 2018
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Article snippet: 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 MORE 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 ... Link to the full article to read more

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