Southern West Virginia News

Congresswoman Carol Miller (R-WV) has written an op-ed for Fortune, expressing her concerns about the potential impact of raising the corporate tax rate on American businesses, consumers, and the overall economy.

"For the past three years, politicians, businesses, and families have been grappling with inflation. Pundits across the political spectrum have argued that dramatically raising taxes on American corporations would be a quick fix to this burden on Americans," Miller writes. She highlights Vice President Kamala Harris's stance that increasing the corporate rate to 28% "is a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share." However, Miller contends that "the clear economic truth is the opposite: Raising taxes on corporations will raise prices for consumers—and inflation will spike yet again."

Miller points to the Tax Cuts and Jobs Act (TCJA) passed under President Donald Trump in 2017 as a pivotal moment in U.S. tax policy. She argues that lowering the corporate tax rate from 35% to 21% provided more opportunities for Americans by reducing tax burdens. According to Miller, this policy change led to significant job creation and wage increases in 2018.

"Reducing the corporate tax rate was the cornerstone of the TCJA," she states. "Today, some in Congress want to raise it in the name of increasing federal revenue. That would be a catastrophic mistake. Raising the corporate rate doesn’t punish companies—it punishes Americans."

Miller cites multiple studies indicating that corporate tax increases are passed on to consumers through higher prices. She also warns that higher rates could make American exports more expensive and reduce competitiveness globally.

As Chairwoman of the Supply Chains Tax Team within the Ways and Means Committee, Miller is involved in evaluating which policies should be retained or modified for TCJA's reauthorization in 2025. She emphasizes maintaining a pro-growth corporate tax rate based on feedback from various stakeholders.

"A lower corporate tax rate keeps costs down, leading to lower prices for consumers and more investment in their workers," she explains. "The reality is that if the corporate rate goes up, the burden will fall on consumers, employees, and retirees."

Miller concludes by arguing that keeping or lowering the current corporate tax rate makes America more attractive to investors and helps mitigate inflationary pressures caused by other legislative actions like the Inflation Reduction Act.

"The solution to inflation isn’t to increase taxes on American business; it’s to get federal spending under control and spur economic growth," she asserts.

This article originally appeared on Fortune.com