Daily Tax Report ®

Campaign Rhetoric Has Corporate Execs Wary of Tax Hike (1)

Feb. 13, 2020, 8:26 PMUpdated: Feb. 13, 2020, 9:46 PM

Company executives fear that the corporate tax rate, lowered in the tax overhaul, is sure to rise.

The 2017 tax law cut the corporate rate to 21% from 35%. That could change if Democrats take control of Congress and the White House in 2020. And the main 2020 Democratic primary candidates have proposed raising the corporate rate as part of their campaign promises.

“We are very concerned about the rate and I don’t know who isn’t,” said Heather Crowder, general tax officer at the energy giant Phillips 66 Co. “I think that those concerns are probably going...

To read the full article log in. To learn more about a subscription click here.