Sen. Collins Says She Won't Support 28 Percent Corporate Tax Rate Which Would Send Jobs Overseas

Sen. Susan Collins on Sunday pushed back on the White House's proposal to raise the corporate tax rate to 28 percent to pay for President Joe Biden's $2.25 trillion infrastructure plan.

Collins was commenting on a key feature of Biden's mammoth plan, which would raise the corporate tax rate to 28 percent from the current 21 percent.

Raising the corporate tax rate would partially repeal the 2017 Tax Cuts and Jobs Act, which was seen as a major achievement of the Trump administration and a legacy Republicans would likely support preserving.

"Let me tell you what I won't to support. I won't support American businesses paying the highest corporate tax rate among developed countries in the world once again, and that's what 28 percent would be," Collins, who is a key swing vote in the 50-50 Senate, told CNN's State of the Union.

Other Republicans have also expressed an appetite for smaller infrastructure solutions without hiking the corporate tax rate.

"There are a few different ideas that are being worked on by Republicans and Democrats in the hundreds-of-billions-of-dollar range, not the trillions of dollars, but the most important part is the plans that I've seen that I like and would support would be plans that are fully paid for without new taxes," Scalise said.

"Democrats don't understand that logic, but when we cut taxes we brought millions of jobs back to America. You saw so many companies relocating companies that had left America to go to places like Ireland or Canada that moved their headquarters back, that moved jobs back by the millions," he said.

https://www.theepochtimes.com/sen-collins-says-she-wont-support-28-percent-corporate-tax-rate-which-would-send-jobs-overseas_3799704.html