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 it was mentioned here, issue is not the rate but the fact they don’t pay it.
Making the rate higher will not motivate/force them to pay it. Making it too high would only motivate them to find a hole in the system.
¿Porque no los dos?
Two holes in the system, okay got it
Fund the IRS?
Meh.
Fund the IRS to go after companies with >100 global employees. Yes!
Yeah, tax profits and revenue. Not at the same percentages ofc.
But taxing based on revenue means the money is taxed where the revenue is made. No more shell games with tax havens for that.