Many people argue against corporate tax cuts, saying that they only benefit the wealthy and large corporations, but that just isn’t true. Competitive corporate tax rates have trickle down effects that benefit each and every consumer in America. With lower tax rates, businesses have the ability to increase investments all around, which creates jobs and fosters productivity and innovation.
By the numbers: Several policy makers as of late have expressed interest in raising corporate tax rates from 21% to 28%. This would lead to lower wages for workers, higher prices for consumers, and force many small businesses to close their doors. According to the U.S. Chamber of Commerce, these would be the economic impacts of raising corporate tax rates to 28% over a 10 year span in Wyoming alone:
$234,683,573 in lost wages for Wyoming workers
$823,242,737 in higher prices for Wyoming consumers
$790,676,519 in lower returns to shareholders
$1,848,602,829: Wyoming’s total 10-year cost of raising the corporate tax rate to 28%
WY We Care: Your Wyoming Chamber of Commerce is a fierce advocate for the welfare of Wyoming businesses and our economy. Policies like these pose a serious threat to our local businesses, and we will continue to fight tirelessly on all levels to prevent them from being implemented.
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