Kevin Brady calls Biden tax hikes ‘a major economic blunder,’ blames labor shortage on benefits – By Adam Shapiro (Yahoo Fianace) / May 19 2021
U.S. Representative Kevin Brady (R-Tex.) predicts President Biden could make a big mistake that hurts American workers.
“I think it’s a major economic blunder to raise taxes on job creators, as we’re urging them to hire more Americans, and do it in a way that both hurts working families and drives U.S. jobs overseas,” he told Yahoo Finance Live.
Brady is the ranking member of the House Committee on Ways and Means but he was chairman when the Trump administration passed the historic 2017 Tax Cuts and Jobs Act, which cut the corporate tax rate to 21%. Biden wants to raise the corporate tax rate and reverse some of the other tax cuts to help pay for his multi-trillion dollar American Jobs Plan.
“We are confident that the investments and tax proposals in the Jobs Plan, taken as a package, will enhance the net profitability of our corporations and improve their global competitiveness,” U.S. Treasury Secretary Janet Yellen told the U.S. Chamber of Commerce.
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