Utah Rep. Blake Moore is concerned about Biden's tax increase proposal's effect on individuals and businesses in his district.
Moore expressed his qualms to Secretary Yellen, saying, “I am concerned ... that they’re just going to raise (corporate taxes) just to cover more spending that we’re seeing from the president’s budget. What am I to tell these companies and individuals?”
Yellen agreed with Moore on some concerns, though she pointed out that the 21% tax rate caused a "race to the bottom."
Later, Moore told the Deseret News that he was afraid the federal government may start "creeping (the tax rate) back up to where it’s an easier decision for companies to offshore some of their work."
This decision, Moore speculated, could result in job loss for many Americans.
Read more about the large corporate tax increase.
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