Some Republicans are open to hiking corporate rate, key lawmaker says

Some Republicans in Congress would like to hike the current 21% corporate tax rate, House Ways and Means Chair Jason Smith said Wednesday.

Speaking at a law firm event, the Missouri Republican said some “very well-known conservative members” asked him why a corporate rate increase was not on the table during negotiations over the $78 billion tax package that passed the House this year.

His remarks are notable, given that lawmakers are already gearing up for the looming battle over renewing the expiring pieces of Donald Trump’s Tax Cuts and Job Act in 2025.

On Wednesday, the Congressional Budget Office projected that a blanket extension of the GOP tax cuts for families, corporations and wealthy individuals costs $4.6 trillion over a decade.