Key players in the Capitol Hill budget debate are bogged down on the US corporate tax rate.
Chairman of the Senate Budget Committee Bernie Sanders (I-Vt.) Wants to raise this rate from the current 21 percent to 35 percent, the corporate tax rate before the Republican tax cuts in 2017. President Biden has proposed increasing the current rate to 28 percent. Sen. Joe Manchin (DW.Va.) has set its sweet spot at 25 percent.
Aside from arm wrestling, how could all the players here resolve their differences? You could round off a corporate tax rate hike with a surcharge on CEO salary tax – an additional levy for companies that absurdly pay their top managers more than their typical workers.
This approach would have two attractive selling points for Manchin and other moderate dems.
Read Sarah Anderson’s full comment on The Hill.