Treasury Official Rejects Corporate Rate Hike to Fund Tax Cuts

Raising the corporate tax rate by even four points would hurt the US’ ability to attract businesses, Deputy Treasury Secretary Michael Faulkender warned Tuesday as lawmakers on Capitol Hill look for revenue raisers in their mammoth tax bill.

The GOP 2017 tax law permanently slashed the corporate tax rate from 35% to 21% in a big win for business.

“The idea that you would take it back to 28 or even 25, again, that tends to make us less competitive,” Faulkender said at a panel organized by MFA, a trade association that represents alternative asset managers.

Faulkender’s comments ...