[Congressional Record Volume 169, Number 46 (Friday, March 10, 2023)]
[House]
[Page H1254]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                RAISING CORPORATE TAX RATE TO 28 PERCENT

  (Mr. LaMALFA asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. LaMALFA. Madam Speaker, yesterday, the President's budget 
proposal was announced. It contains some of the largest tax hikes in 
American history. If enacted, it would set the corporate tax rate at 28 
percent, a higher level than even Communist China.
  Combined State and Federal taxes would amount to 32 percent.
  This tax burden will primarily fall where?
  On American workers and consumers.
  It is broadly accepted by economists on the left and right that 
corporate taxes hurt wage growth, with labor bearing as much as 25 
percent of the cost of corporate taxes.
  Some estimates even place that burden as high as 70 percent. Raising 
the corporate tax will hurt American workers, depress their wages, and 
lower their purchasing power.
  This is not a progrowth or proworker budget proposal. It is not even 
serious.
  The President must meet with House Republicans and negotiate in good 
faith for spending reductions and work toward an actual balanced budget 
like everyday Americans do in their homes and their businesses.

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