menu_open Columnists
We use cookies to provide some features and experiences in QOSHE

More information  .  Close

Senate GOP spikes House tax plans

2 1
18.01.2025

*{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img div{display:none}sub,sup{font-size:75%;line-height:0}#converted-body .list_block ol,#converted-body .list_block ul,.body [class~=x_list_block] ol,.body [class~=x_list_block] ul,u .body .list_block ol,u .body .list_block ul{padding-left:20px} @media (max-width:620px){.desktop_hide table.icons-outer{display:inline-table!important}.image_block div.fullWidth{max-width:100%!important}.mobile_hide,.row .side{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}.reverse{display:table;width:100%}.reverse .column.first{display:table-footer-group!important}.reverse .column.last{display:table-header-group!important}.row-10 td.column.first .border,.row-12 td.column.first .border,.row-8 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-10 td.column.last .border,.row-12 td.column.last .border,.row-14 td.column.last .border,.row-8 td.column.last .border{padding:5px 20px 25px 5px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-14 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:15px solid transparent;border-left:0}}

Welcome to The Hill's Business & Economy newsletter

{beacon}


Business & Economy


Business & Economy

The Big Story

Senate GOP rejects House conservative tax pitch

Senate Republicans are tossing cold water on proposals by some House conservatives to raise corporate taxes to help pay for President-elect Trump’s tax agenda.

© Greg Nash

“Absolutely not,” Sen. Markwayne Mullin (R-Okla.) said of proposals to raise the corporate tax rate.

“We were trying to be competitive on the world stage when we dropped it to 21 percent,” he said. “To raise that is not the way to get an economy going.”

Some conservatives, notably Rep. Chip Roy (Texas), have floated the idea of raising the corporate tax rate by a few percentage points to ensure the budget reconciliation package Congress plans to pass later this year doesn’t add to the deficit.

More recently, the House Freedom Caucus has floated a proposal to offset the cost of raising the cap on state and local tax (SALT) deductions for individuals and families by restricting state and local tax deductions for corporations.

Roy told The Hill in an interview last week that corporate tax increases should be “on the table” as possible pay-fors to keep Trump’s legislation agenda from adding to the nation’s ballooning debt.

“I’m on the record as saying everything should be on the table, and I’m on the record of having said, ‘Why should we just allow corporate taxes to stay in place, or think about lowering them, if … we’re not doing what we need to do on the individual tax rate side or if we’re not balancing the budget or being deficit neutral?’” he said.

The Hill's Alex Bolton has more here.


Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

Did someone forward you this newsletter? Subscribe here.

Essential Reads

Key business and economic news with implications this week and beyond:

Yellen: Debt limit will be hit day after Trump’s inauguration

Treasury Secretary Janet Yellen said Friday the nation will hit its debt ceiling the day after President Trump is inaugurated and that the agency will begin “extraordinary measures” to stave off the threat of a national default.


© The Hill