Sen. Collins: 28% Corporate Tax Rate Would Push Jobs Overseas

Senator Susan Collins (R-ME) said Sunday on CNN’s “State of the Union” that she would not support the proposed 28% corporate tax rate in President Joe Biden’s $2.25 trillion infrastructure package.

Collins said, “Well, at this point, I think now that the Republicans have put forth a reasonable offer. It’s up to the president to do a counteroffer to us.”

Anchor Jake Tapper said, “Now you said that a modest increase in the corporate tax rate would be okay with you to help pay for infrastructure because Biden is proposing tax increases to try to pay for some of the proposals. The current corporate tax rate is 21%. Biden wants 28%. Would you be willing to meet in the middle at 25% or so?”

Collins said, “Let me tell you what I won’t support. I won’t support American businesses paying the highest corporate tax rate among developed countries in the world once again, and unfortunately, that’s what 28 percent would be. And that means that jobs would once again go overseas. So I think we need to look at a wide variety of pay-fors, but first, we need to determine the scope of the bill, and we need to determine what the top line is going to be.”

Follow Pam Key on Twitter @pamkeyNEN

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