The large corporate tax increase in President Joe Biden's proposed 2024 budget would hurt Utah businesses, according to Utah Republican Rep. Blake Moore.
Moore had a chance to question Treasury Secretary Janet Yellen on Biden's proposal at a House Ways and Means committee hearing Friday. Later on Friday, he spoke to the Deseret News about his thoughts on the budget and on the debt ceiling debate.
During his questions, Moore referenced business leaders in Box Elder County who told him they were able to give raises to employees because Congress lowered the corporate tax rate. But Yellen said the Treasury hasn't seen the "economic payoff in the form of great increases in investment spending" to make the tax decrease worth it.
He further claimed the federal government's record tax revenue collection in recent years is partly due to Republicans lowering the tax rate. Moore is concerned Americans could lose jobs if the federal government "starts creeping back up to where it's an easier decision for companies to offshore some of their work.
At the hearing, Yellen likewise urged Republicans to raise the debt limit "without conditions and without waiting until the last minute." Moore also said Republicans have proposed terms for budget negotiations they want Senate Democrats to agree to before they come to the table. They no longer want to fund government through continuing resolutions, but instead want Congress pass regular appropriation bills.
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