Why The House Should NOT Make Corporation Tax Cuts Permanent in the Big Beautiful Bill. What is interesting is that no one is talking about this.
The major reason is that many corporations are not paying anything or much now! The 2017 Tax Cuts and Jobs Act would reduce the corporate tax rate from 35% to 21% and will reduce US government revenues by $648 billion.
Making permanent the corporate, estate and individual tax rate will reduce the federal tax revenue of individuals by $3.6 trillion, expiring estate taxes by $240 billion and corporate by $648 billion. Economic growth will offset $710 billion of the $4.5 trillion in revenue losses and increase interest costs by $941 billion.
If you take the loss of tax cuts and the increase in interest costs, it increases the deficit by $5.4 trillion. The tax code needs to be revised, this is not it.Source-Tax Foundation
Check out the Fortune 500 companiesWhy The Senate Should NOT Make Corporation Tax Cuts Permanent in the Big Beautiful Bill that are NOT paying anything AND even have a credit- like Tesla, 3M, Pfizer, Go Daddy, Airbnb, etc.
Add war, tax cuts, inflation, tariffs and you have the perfect storm…..
