Democratic Presidential candidate Kamala Harris is proposing to increase the corporate tax rate as part of her economic agenda if she wins the presidency in November.
Harris campaign spokesperson James Singer confirmed in a statement on Aug. 19 that Harris is backing an increase in the corporate tax rate from 21 percent, to 28 percent, the same policy put forward by President Joe Biden in his administration’s fiscal year 2025 budget. Changes to the U.S. tax code require approval by Congress before they can be enacted.
Singer says Harris is in favor of rate rise because it’s the most “fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
“As president, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” he said.
Days earlier at a campaign event in North Carolina on Aug. 16, Harris outlined her economic agenda, which included a pledge to offer housing assistance through government subsidies, to take on price gouging concerns following a period of heightened inflation, and increase child tax credits, among other promises.
According to the Congressional Budget Office, any increase in the corporate tax rate could raise billions in taxes. In its estimates, the federal agency found that a 1 percent increase in the corporate tax rate would generate an additional $96 billion in taxes from 2019 to 2028.
However, critics of increasing corporate tax rates argue it would only encourage businesses to leave American shores for countries with lower rates. In the process, it could see a decrease in available jobs in the United States.
“Tax rate differences among countries can influence businesses’ choices about how and where to invest,” the Congressional Budget Office said.
“To the extent that firms shift their investment and activities to countries with low taxes with the goal of reducing their tax liability at home, economic efficiency declines because firms are not allocating resources to their most productive use.”
Under Republican Presidential candidate former President Donald Trump, the federal government’s 2017 Tax Cuts and Jobs Act slashed corporate tax from 35 percent to 21 percent in an effort to help boost the economy by making it attractive for businesses to operate in the United States. Many of the tax reforms in the bill expire in 2025; whoever wins the upcoming election will have the opportunity to either extend the Trump-era tax cut or let it lapse.
Trump has voiced his intention to make the tax model permanent or even cut the rate further. In an Aug. 8 news conference at the Mar-a-Lago resort in Florida, he argued that he‘d “never seen people get elected by saying, ’We’re going to give you a tax increase.’”
Jacob Burg contributed to this report.
Democrats will never learn, they are obsessed with raising taxes and taking other peoples money!
Corporations do not pay taxes – they pass the taxes off on the consumers and the cost of everything goes up.
If the Democrats force higher taxes on corporations that can not pass the taxes off on the consumers, they move to a country with less taxes and the jobs go with them and the taxes that are paid by the workers are paid to another country. Either way our country looses. 🙁 🙁 🙁
Donald Trump lowered Corporate Tax Rate and brought the Jobs back to the U.S.
Amen,,,,,This is Pure Saul ALinsky
Debt
– “Increase the debt to an unsustainable level.. That way you are able to increase taxes, and this will produce more poverty.”
Poverty –” Increase the Poverty level as high as possible,
poor people are easier to control and will not fight back if you are providing everything for them to live.”
And when succesful Trump type Presidents sane policies create more rich or upperclas American people out of the former people of povery and diminish the Democrat voting base?? What do these Democrat crime families do??,,,just import as much poverty across the border as possible to keep the ranks of their armies of darkness populated, angry, aggressive and envious to the point they surrender the control of their own lives under the promise of taking power over the lives and honest earned finances of others.
The LONGER they keep you in debt, and tied to their govt troph, the MORE THEY CONTROL YOU.
” … But there is another tende nc y is comm on among people When they can, they wish to live and prosper at the expence of others. ”
THE LAW, FREDRICK BASTIAT
Raising taxes on corporations does not put a dime in the pockets of the working people. Higher taxes on corporations mean higher prices for the working people and less money in the pocket. Unfortunately, so little is taught in schools about how economics really work, people want to believe when they are told evil corporations have to be punished. It has also been proven that raising taxes will actually result in tax revenue decreasing.
Liberals have never understood basic economics.. Period!
Th e E CONOM IS LIK E A SCALE, NOTHING IS AVAILABLE FOR WELFARE ETC UNLESS OTHE R CITIZENS ARE FORCED TO PAY INTO GOVERNMENT.!
Kamala Harris is proposing to increase the corporate tax rate as part of her economic agenda if she wins the presidency in November.
You better check with Barrack before proposing anything? And if you have already , be sure to burn and destroy the memo. You would not want the people to know BHO and Soros are running the show.
That makes me wonder, what she promised all her OWN millionaire donors.
“Harris Proposes Raising Cost Of Living for working Americans by a further 28 Percent!”
Fixed it for ya.
The democrats continue to steal more and more from the citizens until they kill the golden goose they are raping, when the goose is dead how are they going to pay for all the illegal invaders?
And weak the minded continue to vote for the criminals!
As Thatcher said, Socialism works till you run out of other people’s money!