It’s no secret that Democrats want to unwind big pieces of the 2017 Trump tax cuts. If they win this November, they’ll have their chance.
We sat down with the top Democrat on the House Ways and Means Committee’s tax subcommittee, Rep. Mike Thompson (Calif.), to talk about the looming tax cliff.
It’s part of our new series talking to influential lawmakers about the heated 2025 tax debate to come and to hear their priorities as they prepare for this fight. Premium policy members got a full Q&A on Monday, but we have a little more to share.
About that corporate rate: When we interviewed Thompson, it was clear that dialing up the corporate income tax rate is at the top of his wish list.
Asked about offsetting any tax package, Thompson criticized the 2017 law, saying it wasn’t sufficiently paid for while also benefiting wealthier households and corporations. “That can’t be tolerated,” he added.
We then followed up specifically on how Thompson would fix those perceived flaws. Here’s what he told us:
There are plenty of eyes right now on the corporate rate, particularly with comments from a top Republican tax writer indicating some interest in raising it.
Democrats tried to raise the corporate rate when they controlled Congress last session but crashed into opposition within their own ranks. Plenty of Democrats would still love to raise the corporate rate, though, and that’s coming through as a 2025 target.
Stay tuned for more: Who else should be on our 2025 tax debate interview list? Reach out!
