Former Dem Senator Speaks Out Against Biden Tax Plan
Senator Blanche Lincoln (D-AR) was the youngest woman ever elected to the United States Senate. The Arkansas Democrat, who talked about working alongside her friend Max Baucus (former Democrat Senator from Montana), also worked alongside Joe Biden. And now she is speaking out against Biden's tax plan.
We spoke with Sen. Lincoln on Tuesday. She is teaming up with the RATE coalition to object to the proposed hike in corporate tax rates.
Sen. Lincoln: "If we were to go back to a 28% corporate rate, combined in Montana with the Montana State rate would be 32.86 percent. Look at that compared to what China's 25% corporate rate would be- we'd be non competitive. And we want to be competitive. America's corporate America is is amazing in terms of what it can do. But we've got to make sure that they can create those jobs."
Aaron Flint: "When we lowered the corporate taxes here just a few years ago, it actually led to to hundreds of millions of dollars in additional revenue, because these corporations that were sheltering the money overseas brought it back to America and we got a whole bunch more money in revenue thanks to it."
Sen. Lincoln: "Yeah. According to the BLS, you know, real wages grew by 4.9% between 2018 and 2019, the fastest two years of growth rate in real earnings since 1998. So you're exactly right. Wage growth was greater for those on the factory floor as well. I mean, that's what's important. You think about it, it's the families, the hard working people, the wage growth there was greater for those on the factory floor and in the non supervisory roles than for the managers from the start of 2018 to the end of 2019, which is a reversal of you know, some of the prior treatments. Unemployment reached a 50 year low of 3.5%. In 2019, the median household income reached over almost $69,000, in 2019, which was an increase of 6.8% from 2018. So, you know, it's just important to look like you said, making investments in job growth in this country and not pushing them over the line so that they go somewhere else."