Holtz-Eakin: Biden’s Proposal to Raise the Corporate Tax Rate to 28% Would Impose a $500 Billion Tax on People Making Less than $300,000

SORKIN Doug HOLTZ EAKIN ░░░░░░░░ Andrew I think what ░░░░░░░░ has pointed out is ░░░░░░░░ that s really important ░░░░░░░░ people should recognize If ░░░░░░░░ allow the expensing of ░░░░░░░░ expensing of R D ░░░░░░░░ no matter how you ░░░░░░░░ to enhance the productivity ░░░░░░░░ your company whether it ░░░░░░░░ equipment new business models ░░░░░░░░ the skills of your ░░░░░░░░ you get immediate deduction ░░░░░░░░ tax playing field is ░░░░░░░░ level If you get ░░░░░░░░ of the interest deductibility ░░░░░░░░ now remove the distortion ░░░░░░░░ how you finance those ░░░░░░░░ investments That s what ░░░░░░░░ should be all about ░░░░░░░░ a more efficient tax ░░░░░░░░ Second thing that I ░░░░░░░░ point out is everyone ░░░░░░░░ that the corporate is ░░░░░░░░ paid by corporations Indeed ░░░░░░░░ president s proposal that ░░░░░░░░ the rates to 28 ░░░░░░░░ impose a 500 billion ░░░░░░░░ on people making less ░░░░░░░░ 300 000 That s ░░░░░░░░ Treasury Department estimate So ░░░░░░░░ would violate his pledge ░░░░░░░░ to tax people under ░░░░░░░░ 000 But if we ░░░░░░░░ going to be realistic ░░░░░░░░ we re going to ░░░░░░░░ those people let s ░░░░░░░░ it in a more ░░░░░░░░ fashion that doesn t ░░░░░░░░ international competitiveness Let s ░░░░░░░░ to the individual side ░░░░░░░░ broaden the base there ░░░░░░░░ s what tax reform ░░░░░░░░ be about broadening the ░░░░░░░░ of both the individual ░░░░░░░░ the corporate side.”