The upcoming democratic reconciliation bill would give the U.S. the “highest corporate tax rate in the world” and raise taxes by a whopping $3.2 trillion, according to Senate Minority Leader Mitch McConnell.
He said that the 2017 GOP tax reform law lowered the corporate tax rate to 21 percent to make the nation “more competitive internationally.” Meanwhile, Biden proposed raising it to 25 or 28 percent, per Just the News.
Democratic leaders are also considering lowering the exemption for the estate tax, which is currently set at $11 million.
“This is going to be a hell of a fight,” McConnell said on Thursday in a speech to the Northern Kentucky Chamber of Commerce. “This is a fight worth having. I don’t think they have a mandate to do it.”
During McConnell’s speech, he discussed his potential role as majority leader after the 2022 election.
“If I become the majority leader again, it’s not for stopping everything, it’s for stopping the worst,” he said.