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.
let’s go for 40% to account for inflation. and that’s being generous lol
That’s… Not how inflation works, lol. At that rate, they’ll eventually be taxed more than 100%.
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.
I’m fine with this