Raising the corporate tax rate is a mistake

 Bruce Thompson:

President Joe Biden and congressional Democrats want to increase the corporate tax rate to pay for more spending programs. But raising the corporate tax rate above the tax rates our foreign competitors pay would put U.S. companies at a competitive disadvantage and harm U.S. workers, consumers, and our economy.

Even a 25% tax rate would force companies in many states to pay higher tax rates than companies in every other country in the industrialized world. Before 2018, the corporate tax rate was 35%, the highest in the industrialized world. All 38 countries in the Organization for Economic Cooperation and Development had lower corporate tax rates, putting the United States at a global competitive disadvantage. Today, U.S. firms pay a combined federal-state average rate of 25.8%, which is still higher than the 23.1% average rate of OECD countries.

Biden wants to raise the corporate tax rate to 28%, which would raise the combined federal-state average rate to 32.8%, once again the highest tax rate in the industrialized world. Some members of Congress have suggested a 25% tax rate, which would raise the U.S.'s combined rate to 29.5%. That's better than 32.8%, but it is still too high.
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We are seeing a return of government greed to fund vote-buying schemes of the left.  We also know that the economic impact of confiscatory taxation is to reduce the economic growth and actually reduce income to the treasury as a result.