Follow Capito’s lead
Sen. Shelley Moore Capito has been a tremendous leader in recent months in the negotiation process for an infrastructure deal, which West Virginia desperately needs. She has stood her ground on preventing harmful tax increases that would set our state back. I, and all West Virginians, should be grateful to have her representing us. My hope is that our entire federal delegation in Washington, D.C., will follow in her footsteps by opposing increasing taxes on job creators during this time of economic recovery.
I recognize this country needs improvements to its aging infrastructure system, but we can pay for these improvements without doing damage to the very people who put West Virginians to work. Instead, let’s close existing tax loopholes to ensure that every corporation pays its fair share. Passing an unnecessary tax rate hike would only stifle job creation, wage increases, and capital investment.
Increasing the corporate tax rate to 25 percent — the most recent number being discussed inside the Beltway — would result in a loss of about 1 million jobs, a $107 billion reduction in GDP, and a $70 billion decrease in capital investment over the next two years. This would come at a time when our economy continues to recover from the effects of the COVID-19 pandemic.
As the country — and economy — continues to get back to normal, our leaders in Washington, D.C. need to focus on advancing policies that will spur growth and opportunity rather than punish those businesses that are employing West Virginia’s hardworking families. I urge our federal delegation to look to Senator Capito’s balanced approach and follow her lead.
Del. Joshua Higginbotham