Rep. Chip Roy (R-Texas) has expressed a growing concern about catering to corporate America and is considering raising the corporate tax rate to 25% from the current 21%. This potential increase aims to extend tax breaks for individuals and small businesses. There is bipartisan support for a corporate tax hike as Washington seeks additional revenue. Roy also mentioned the need for a holistic tax policy, stating that the current rate of 21% is not sacrosanct. An alternative proposal suggests extending the $10,000 cap on the SALT deduction for all businesses to raise approximately $500 billion. Roy also addressed the 2025 tax cliff in his comments.
👀GOP Rep. Chip Roy tonight on 2025 tax cliff + corporate tax hikes: “I just don't think we ought to rubber stamp. This isn't 2017 anymore. This is 2024. We need to come up with a tax policy that's holistic.. There's nothing sacrosanct about 21 [percent].”
If @chiproytx is looking for a principled conservative way to raise ~$500 billion from large businesses, instead of raising the corporate rate to 25% he should look at extending the $10K cap on the SALT deduction for all businesses, both corporate and pass-through. It likely… https://t.co/DLbFhCls4O
👏🏼 “There’s a bubbling-up concern that we should not be doing the bidding of corporate America,” said Rep. Chip Roy (R-Texas), who says he’d consider kicking the corporate rate up to 25 percent, from the current 21 percent, if it means being able to extend breaks for individuals…
Bipartisan support inches higher for a corporate tax hike as Washington scrambles for revenue https://t.co/4f3oAweWks
“There’s a bubbling-up concern that we should not be doing the bidding of corporate America,” said Rep. Chip Roy, who says he’d consider kicking the corporate rate up to 25 percent.. if it means extending breaks for individuals and small businesses.” https://t.co/0JgsxbTsL5