Joint Committee on Taxation (JCT) Analysis Shows Corporate Tax Increase Breaks Biden’s Tax Pledge
Washington, D.C.--Today, U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and U.S. House Ways and Means Ranking Member Kevin Brady (R-Texas) released an analysis showing that proposed corporate tax hikes would fall directly on middle-class Americans. The analysis, performed by the non-partisan Joint Committee on Taxation (JCT), shows that increasing the corporate tax burden would disproportionately harm U.S. workers, retirees and small businesses, including 1.4 million small business C corporations and the 98 percent of Americans who earn less than $500,000.
“This study supports what we’ve long known--corporate tax hikes are primarily borne by workers and retirees, and certainly the middle class/those making well below $400,000 a year,” said Crapo and Brady. “America’s health and economic recovery remain very fragile, and may get worse again before getting better. Unemployment is still too high and inflation is a real concern. Now is not the time to raise taxes on the very people we are asking to lead us out of this crisis.”
Key points from the analysis:
Increasing the corporate tax burden would disproportionately harm U.S. workers, retirees and small businesses.
Middle-income Americans--not just the wealthy--have a stake in the financial success of U.S. corporations.
The tax burden on the over 98 percent of Americans who make less than $500,000 per year will increase over time.