A day after the US Senate passed a bill that will overhaul the nation's tax code, President Donald Trump says he may be willing to increase the corporate tax rate from the proposed 20 percent to 22 percent.
This comes as Connecticut lawmakers dig into how the bill will impact the people of our state but think the proposed changes still would heavily favor companies and wealthy Americans.
Republicans argue that lowering the corporate tax rate from 35 percent to the low twenties will not only bring more jobs to the US, but they say will help Americans across the board.
Senator Richard Blumenthal said he is concerned about "how the overhaul will impact the thousands of homeowners here in Connecticut dealing with a crumbling foundation as well as funding for essential public services."
Senator Blumenthal also said that this bill will "harm our teachers, first responders, and our police and firefighters who will have less support for their vital services." He also said "it will harm the job creators who will need more resources invested in infrastructure."
Republican US Senator Majority Leader, Mitch McConnell, said the lowered corporate tax rate will be good for the country and "that in order to attract business, countries all over the world are lowering their tax rates" and that "at 35 percent, we have one of the highest corporate tax rates in the industrialized world."
Governor Dannel Malloy also released a statement, saying in part that "it will raise taxes on tens of thousands of middle-income families in our state, raise the number of uninsured, and raise the national debt by over a trillion dollars."
Republicans will be working to iron out key differences and to align it with the house version of the bill.
The President said he would like to sign the legislation before Christmas.
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