Daily Tax Report ®

Corporate Tax Hike Likely Part of Democrats’ Budget Blueprint

Jan. 29, 2019, 7:42 PM

House Democrats are preparing to propose an increase in the corporate tax rate in their fiscal 2020 budget resolution, a policy that could raise revenue and chip away at the deficit but restrict economic growth and corporate investment.

“I think we have to assume somewhat” of an increase in the corporate tax rate, House Budget Committee Chairman John Yarmuth (D-Ky.) said after a hearing Tuesday on the country’s economic outlook.

Yarmuth’s panel is tasked with developing a big-picture blueprint for federal spending, a framework that helps appropriators draft the annual spending bills. Because a budget resolution doesn’t have the force...

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