Senate Republican Leader Mitch McConnell says that the Democrats’ forthcoming budget reconciliation bill would again give the U.S. the “highest corporate tax rate in the world” and raise taxes by about $3.2 trillion.
McConnell said the 2017 GOP tax reform law lowered the corporate tax rate to 21% to make the nation “more competitive internationally.” President Biden has proposed raising it to 25% or 28%.
McConnell estimated that the Democrats’ reconciliation package could total up to $5 trillion. The package would be able to pass out of the 50-50 Senate with every Democratic vote and a tie-breaking vote from Vice President Kamala Harris.
The Kentucky Republican said something “more alarming” to many Americans is the Democrats’ proposal for the capital gains tax and “death tax” or “estate tax.” Democratic leaders are considering lowering the exemption for the estate tax, which is currently set at $11 million, in addition to raising the capital gains tax.