control of something has unintended consequences that will be devastating to entrepreneurship and hurt job creation. democrats have struggled to get an agreement on taxes for the social spending bill. steny hoyer said today he regrets congress lacks the vote to hike the corporate tax rate from 21 to 26.5%. nancy pelosi says she s urging members to support the emerging deal. neil: thanks, chad. now to james clyburn, the house majority whip and his view of targeting the uber wealthy. take a look. the wealth tax is something that i support. i think all of us are aware that the wealthy, the uber wealthy at least, have not really done all that they could to help the country move forward. i ve not been able to understand
the tax cut jobs act under trump, the corporate side was almost revenue neutral. we brought into the base we extended the stuff internationally and cut the rate what biden is proposing is taking a corporate rate back up about halfway but he is keeping the base broadening. relative to the obama tax code, it is a massive tax hike. when obama went after it biden is taking us where no man has ever gone before. shatner going into outer space. paul: that will have a dampening effect on investment in supply. one of the untold stories that came out this week, corporate tax revenues soared 75% year-over-year in this fiscal year that closed in september despite the cut in the rate to 21%. if they raise it to 26.5 as the house bill does, what effect that will have on revenues. i remember that you have been writing about work i ve been
the vote. we need to start thinking about what is common ground. where that common ground is. and so yes, we need to for the rich to pay their fair share. everybody knows they have not been paying their fair share over recent years, and we need to do something about that. i do believe that the corporate numbers, corporate tax rate should go up from 21. even the round table. the business round table never wanted to go below 25. nobody knows how it got to 21. we need to move it up to 26.5 or 27 and for everybody to be able to participate. every ceo that i sat down and talked to over the last several months said to me, it shouldn t be under 25. i think it should be around 27 or 28. but if we go to 25, they will give us a head room we need in
u.s. senate infrastructure. representative stacey plaskett said to me, her concern i don t know if there was a lot of it, but much of it was there are pay-fors for a lot of this. to her, it didn t seem like she she thought this would it was progress. something would be done, but much of this was already paid for. is she correct in that? well, you got to be careful about being too quick to say this doesn t cost anything. these are trillion dollar bills. they re massive by any measure. the question is whether the revenue is going to offset the cost, and that s get down to the devil being in the details. if joe manchin says, look, i want to keep the corporate tax rate to 25%, down from the 26.5% produced by the house, okay. if they have a corporate minimum tax of 15% with real teeth in it, that could offset that.
the few things we can apparently find common ground on in the u.s. senate, infrastructure. representative stacy ey plaskett said to me that her concern, much of it, however you want to characterize it, was already paid for. there are paid fors for a lot of this, and to her it didn t seem like she thought this would it was progress. something would be done. but much of this was already paid for. is she correct in that? well, you ve got to be careful about being too quick to say this doesn t cost anything. these are trillion dollar bills. they re massive by any measure. the question is whether the revenue is going to offset the cost. and that gets down to the devil being in the details. if joe manchin says, look, i want to keep the corporate tax rate to 25% down to 26.5% produced by the house. if they have a corporate minimum