Brooks: Raising Corporate Taxes Will Cause Some Companies to Leave, But It’s Still ‘Appropriate’ Area to Raise Taxes

On Friday’s “PBS NewsHour,” New York Times columnist David Brooks stated that while raising the corporate income tax will probably result in companies leaving for places will lower corporate tax rates, “But it seems to me the Biden administration has chosen the appropriate areas to raise taxes.”

Brooks said taxing the wealthy is “pretty popular. And it’s also just a fact that wealth is concentrated over the last 30 or 40 years. It’s also just a fact that corporations have done extremely well, and corporate profits have done pretty well. So, if you want to tax things to pay for things, these are probably the least bad things to tax. There is going to be a cost. When you raise the corporate tax rate, on the margins, companies will flock to a place with a lower corporate tax rate than a higher corporate tax rate. That’s probably true on the margins. But it seems to me the Biden administration has chosen the appropriate areas to raise taxes.”

Follow Ian Hanchett on Twitter @IanHanchett