Glenn Grothman: “I would like to address the Chair with regard to the upcoming infrastructure bill. I am going to talk about some…”

“I would like to address the Chair with regard to the upcoming infrastructure bill. I am going to talk about some numbers. I don't mean to bore you with numbers. When you put together a bill, you don't want to be an outlier. I am going to address two areas in which I think this bill makes this an outlier in very, very serious ways. The first one is, you have changes in the tax law. And when you look at the taxes that a business pays in this country, a corporation, you have to look at kind of a double taxation. They will tax you at a corporate rate when the business earns the money; and when the business gives the money to its shareholders, you will be taxed at a dividend rate. There is a graph here comparing all of the OECD countries around the world as to where they stand on this combined tax rate. The lowest countries, the Baltic countries, Latvia and Estonia, are 20 percent. Right now, the United States, even after the last tax cut, at 47 percent, is middle of the pack. Actually, a little bit higher. If the tax hikes are put in effect that are published right now, you are going up to 62.7 percent. In other words, of the over 20 countries here, the United States will have the highest combined dividend, plus corporate tax rate. That is an outlier and a dangerous place to be an outlier. There are a lot of things that go into a decision as to where you put a manufacturing facility, but taxes is certainly one of them.…”