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Brady: No President Has Ever Raised Businesses Taxes to Recover From an Economic Crisis

March 26, 2021

Asked about President Biden’s crusade to raise taxes on American corporations, Ways and Means Republican Leader Kevin Brady (R-TX) replied, “This is insane. No president has ever raised business taxes to recover from an economic crisis.”

In a conversation with Larry Kudlow on his new Fox Business show, Rep. Brady remarked on the economic havoc that would result from President Biden’s tax grab. “We will see fewer jobs, flatter pay, and companies going overseas.” [To read the fact check of President Biden’s misleading claims on taxes, click here.]

Watch the clip here.

Key Takeaways:

  • Under President Biden’s plan, we will return to those bad old economic days with stagnation, and flat paychecks. It seemed like every month, reading about a new U.S. company moving their headquarters of manufacturing overseas–16 major companies in Texas did that, and it was really the signature economic failure of Obama-Biden.
  • Since we lowered our corporate tax rate, 10 other countries have lowered their corporate rates. Just because we decided to get competitive doesn’t mean they didn’t decide to do the same–they’re being very aggressive.
  • The corporate tax rate is really about the workers at that business. There’s a reason why in 2019, under pretty good economic growth at 2.4%. We saw the highest household income in American history, and the lowest poverty in American history, because corporations and Main Street businesses were investing those tax dollars back into their workers, into the technology, into expanding, and into community.
  • Workers who’d been on the sidelines for years came back to work, including those coming out of prison, those who didn’t have high skills. Those with the lowest income were coming off the sidelines and we got them to work. Blue collar workers got a fair shake for the first time.
  • Income inequality began to shrink for the first time in anyone’s memory, because we were driving wages up for working families and workers in America.
  • President Biden’s misleading claim about the wealthy one percent getting most of the benefit from tax reform has been fact-checked as misleading so many times.
  • And President Biden’s misleading claims about businesses paying no taxes is wrong: Businesses pay taxes at the local, state, and federal level, including some of the smallest of businesses in America.
  • Democrats do tax policy by villain. Republicans focus on growth, competitiveness, and productivity.