this post was submitted on 20 Aug 2024

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Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law (www.nbcnews.com)

submitted 1 month ago by MicroWave@lemmy.world to c/news@lemmy.world

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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.”

…

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.

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[–] jordanlund@lemmy.world 52 points 1 month ago (1 children)

Does it really matter what the rate is when they don't pay it anyway?

https://www.usatoday.com/story/money/2024/03/13/companies-spend-more-executive-salaries-than-taxes/72941207007/

"The analysis names 35 corporations, including Tesla, Netflix and Ford, that each reportedly spent more on compensation to their five highest-paid executives than they paid in federal income taxes over five years.

Collectively, the 35 corporations spent $9.5 billion on their top executives over that span, the report said, while their combined federal tax bill came to -$1.8 billion: a collective refund."

[–] FlyingSquid@lemmy.world 19 points 1 month ago

To be fair, this is about the corporate tax rate, not the income tax that corporations pay.

However, that article does mention the corporate tax rate and how corporations pay less than they are supposed to:

The watchdog report draws on recent research by the Institute on Taxation and Economic Policy, another nonprofit, left-leaning think tank. That group found 342 large corporations that paid a cumulative effective tax rate of 14.1% over five years, well short of the statutory corporate tax rate of 21%.

Hopefully a Harris administration would close such loopholes as well.