U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, delivered remarks on the Senate Floor on the Democrats’ $3.5 trillion reckless tax-and-spending bill. In his speech, Crapo says the efforts to reimagine America by imposing crippling tax hikes will stunt our economic recovery, further impede labor markets, and punish low-and-middle-income workers with higher prices for everyday goods and services.
On business tax hikes:
A higher corporate tax rate would result in lower wages and reduced benefits; hit the nest eggs of everyone saving for retirement; and force consumers to pay more for everyday necessities.
Hiking the rate indisputably hits the middle class. Estimates suggest workers shoulder up to 70 percent of the corporate tax burden.
And a recent analysis performed by the nonpartisan Joint Committee on Taxation says the burden on over 98 percent of Americans who make less than $500,000 a year increases over time. Let me make that clear: 98 percent of the increase that is felt by labor, falls on those making less than $500,000 per year, and the vast majority of that on those making less than $400,000 per year.