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.

  • Lowpast@lemmy.world
    5·
    3 months 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%.

    • IamAnonymous@lemmy.world
      6·
      3 months ago

      Corporations still find loopholes and pay nearly no taxes… If corporations and Billionaires paid their taxes just like common folks, the country would make a lot more in taxes.

        • Cryophilia@lemmy.world
          6·
          3 months ago

          What if we make it so it’s cheaper to pay federal taxes than it is to avoid them

          I’m with you if we also include penalties for avoiding taxes. Carrot and stick.

          The top 1 percent of earners alone pay over one-third of income taxes.

          The top 1% have approximately 1/3 to 1/4 of the total wealth of the country. So this tax rate sounds fair. Probably should pay a little more to account for the progressive nature of taxes.

          Personally, I’d like to see more inheritance taxes. We shouldn’t have a class of nobility.

          Also lift the cap on social security taxes.