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Business & Economy
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Senate GOP rejects House conservative tax pitch
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Senate Republicans are tossing cold water on proposals by some House conservatives to raise corporate taxes to help pay for President-elect Trump’s tax agenda.
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“Absolutely not,” Sen. Markwayne Mullin (R-Okla.) said of proposals to raise the corporate tax rate.
“We were trying to be competitive on the world stage when we dropped it to 21 percent,” he said. “To raise that is not the way to get an economy going.”
Some conservatives, notably Rep. Chip Roy (Texas), have floated the idea of raising the corporate tax rate by a few percentage points to ensure the budget reconciliation package Congress plans to pass later this year doesn’t add to the deficit.
More recently, the House Freedom Caucus has floated a proposal to offset the cost of raising the cap on state and local tax (SALT) deductions for individuals and families by restricting state and local tax deductions for corporations.
Roy told The Hill in an interview last week that corporate tax increases should be “on the table” as possible pay-fors to keep Trump’s legislation agenda from adding to the nation’s ballooning debt.
“I’m on the record as saying everything should be on the table, and I’m on the record of having said, ‘Why should we just allow corporate taxes to stay in place, or think about lowering them, if … we’re not doing what we need to do on the individual tax rate side or if we’re not balancing the budget or being deficit neutral?’” he said.
The Hill’s Alex Bolton has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Yellen: Debt limit will be hit day after Trump’s inauguration
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Treasury Secretary Janet Yellen said Friday the nation will hit its debt ceiling the day after President Trump is inaugurated and that the agency will begin “extraordinary measures” to stave off the threat of a national default.
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State Farm cancels Super Bowl ad over California wildfires
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Insurance giant State Farm has canceled a Super Bowl ad that was set to air during the big game in February — in part, it said, over the raging wildfires in California.
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Kevin O’Leary says he’s offering $20B cash for TikTok
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Investor Kevin O’Leary, widely known as a star from “Shark Tank,” said he offered TikTok’s owners $20 billion in cash to buy the platform during a Friday appearance on Fox News’s “America’s Newsroom.”
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Mayors nationwide warn of worsening housing shortfall
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Mayors nationwide are warning of a worsening housing shortfall as decades of “insufficient” investment along with rising costs of housing during the COVID-19 pandemic aided in making housing unaffordable to most Americans, according to a survey.
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The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
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Upcoming news themes and events we’re watching:
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- President-elect Trump is expected to sign a raft of executive orders, including potential tariffs on Canada, Mexico and China, after he’s sworn in Monday at noon ET.
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Branch out with more stories from the day:
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What will happen to TikTok on Apple’s and Google’s app stores on Sunday?
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With President-elect Trump adding uncertainty around whether a TikTok ban will go into effect, the …
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Business and economic news we’ve flagged from other outlets:
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- Democrats push for inaugural oversight as Trump committee rakes in cash (CNBC)
- Instagram and YouTube Prepare to Benefit From a TikTok Ban (The New York Times)
- Trump AG Pick Bondi Discloses $3 Million in Truth Social Stock (Bloomberg Law)
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Top stories on The Hill right now:
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Supreme Court upholds TikTok ban
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The Supreme Court on Friday unanimously upheld a law requiring TikTok’s China-based parent company to divest from the app, teeing up a ban set to take effect Sunday. Read more
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Trump inauguration protests underscore how the resistance has changed
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Protesters are set to descend on Washington, D.C., on Saturday ahead of President-elect Trump’s inauguration, an event that will lay bare how the resistance has changed in the eight years since he first took office. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- Fixing the missing ‘N’ in ‘NPR’: Public media must serve the American public at large
- Trump’s tariff plans could be harming his ‘animal spirit’ investors
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You’re all caught up. See you next week!
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