The House Ways and Means Committee will hold a hearing on Feb. 11 that will examine the corporate income tax rate. Dubbed “the disappearing corporate income tax,” the hearing will likely serve as a mechanism for committee Democrats to call for raising the corporate income tax rate.
Democrats seeking the Oval Office have called to increase the corporate income tax rate to as much as 25% to 35%. Corporate income is currently taxed at 21%, down from 35% before President Trump signed the tax overhaul bill into law in December 2017.
Increasing the corporate income tax rate to 35% would reduce the number of jobs created by 413,000, and shave 2.9% off of gross domestic product over the long run, according to the right-of-center Tax Foundation.
Witnesses for the Ways and Means Committee hearing have not been announced.