Top Dem Admits House Democrats Intend to Increase Taxes | NTK Network Top Dem Admits House Democrats Intend to Increase Taxes

Top Dem Admits House Democrats Intend to Increase Taxes

Yarmuth "anticipates the budget resolution will envision changes to the 2017 GOP tax overhaul, including raising the corporate tax rate above its current 21 percent."

By NTK Staff | 01.07.2019 @1:30pm
Top Dem Admits House Democrats Intend to Increase Taxes

House Budget Committee Chairman Rep. John Yarmuth (D-KY) announced plans to propose a budget blueprint in April, which would raise the corporate tax rate from 21 percent to as high as 28 percent. High-earning individuals could also see an increase under Yarmuth’s blueprint, according to a new report.

“We’ve told [Majority Leader Steny H. Hoyer of Maryland] that we will have the budget resolution to the floor by the first part of April, and that’s the schedule he wants,” Yarmuth said, according to Roll Call.

Roll Call reported:

“If Democrats can cobble together a 218-vote majority, adoption of a budget resolution will also automatically generate passage of a measure suspending the debt ceiling until Sept. 30, 2020, though the Senate would still have to get 60 votes for such a bill and President Donald Trump would have to sign it. Current expectations are that the Treasury Department will run out of wiggle room and bump up against the ceiling, which must be raised or suspended in order to avoid a catastrophic default on U.S. obligations, by late summer or early fall.”

Yarmuth admitted that “there is little chance the House and GOP-controlled Senate will agree on a budget resolution, even though Senate Budget Chairman Michael B. Enzi of Wyoming plans to mark up a budget.”

“That’s not going to ultimately set the spending limits because that resolution is not going to be passed in the Senate even if we pass it here,” Yarmuth told Roll Call.

According to Roll Call, Yarmuth “anticipates the budget resolution will envision changes to the 2017 GOP tax overhaul, including raising the corporate tax rate above its current 21 percent.”

Yarmuth said that Democrats’ tax increase would be “somewhere in the 25- to 28-percent range,” adding, “[w]e’ll see how much revenue we can get out of it.”

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