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.
As someone who lives in Europe, I already pay this much on income taxes. Is this considered high?
Edit: actually like 30-33%
30-35% is about what Americans pay too in personal income taxes, but this is talking about taxes paid by businesses, which are unsustainably low in the states right now.
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.
I live in Canada and that’s what we pay too.