Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law - eviltoast
The vice president is rolling out her first revenue-raising policy proposal as the Democratic presidential nominee and drawing a contrast with GOP opponent Donald Trump.

The vice president is rolling out her first revenue-raising policy proposal as the Democratic presidential nominee and drawing a contrast with GOP opponent Donald Trump.

Vice President Kamala Harris is calling for raising the corporate tax rate to 28%, her first major proposal to raise revenues and finance expensive plans she wants to pursue as president.

Harris campaign spokesman James Singer told NBC News that she would push for a 28% corporate tax rate, calling it “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”

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If enacted, the policy would raise hundreds of billions of dollars, as the nonpartisan Congressional Budget Office has projected that 1 percentage point increases in the corporate rate corresponds to about $100 billion over a decade. It would also roll back a big part of former President Donald Trump’s signature legislation in 2017 as president, which slashed the corporate tax rate from 35% to 21%.

Trump, meanwhile, recently said he would cut taxes even further if elected president, including on businesses.

  • Cruxifux@feddit.nl
    1723·
    30 days ago

    Maybe roll it back up to 35 percent instead of letting republicans gain ground every fucking election and doing half assed measures that still result in net loss for the people? I mean it’s a step in the right direction but Jesus fucking Christ man.

      • Lowpast@lemmy.world
        5·
        30 days ago

        Back when there were numerous loopholes, deductions, and methods of evasion and nearly none paid that rate? And when they later lowered effective rates, closed loopholes, and ended up collecting more?

        Yeah, let’s do that. Let’s incentive finding ways to avoid paying taxes.

        This is exactly how you give incentives to higher CEO pay. Record profits? Give all of it to the CEO and you’ll pay none of it to the government. You didn’t mention a higher personal tax rate, so end of the day the CEO wins.

        Own an S-Corp? Pass through all profits to yourself and pay 0%.

    • big_slap@lemmy.world
      262·
      30 days ago

      Maybe roll it back up to 35 percent

      let’s go for 40% to account for inflation. and that’s being generous lol

      • dan@upvote.au
        2·
        29 days ago

        That’s… Not how inflation works, lol. At that rate, they’ll eventually be taxed more than 100%.

        • big_slap@lemmy.world
          1·
          28 days ago

          hmm, true lol. I just want gigantic companies to pay their fair share, and 28% is just too low for my taste when we were getting way more from big businesses back during the 50s and 60s.

          I understand lowering the rate helps businesses grow, but come on, there are way more shittier companies taking advantage of the lower tax rate than it’s helping.

    • ???@lemmy.world
      131·
      30 days ago

      As someone who lives in Europe, I already pay this much on income taxes. Is this considered high?

      Edit: actually like 30-33%

      • baldingpudenda@lemmy.world
        15·
        30 days ago

        I blame Reagan. It’s been historically really low ever since and every time it’s tried to be raised Republicans scream that they’re are coming for your money. Even if they are only trying to raise it for ppl making over 2 million or whatever.

    • RunningInRVA@lemmy.world
      156·
      30 days ago

      She advocated for that in 2020 and lost, so she rolled it back to be more moderate. You can’t sell shit that people won’t buy.

      • kautau@lemmy.world
        16·
        30 days ago

        You can’t sell shit pass legislation against corporations that people won’t buy are legally allowed to bribe our representatives