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.
You literally described a 401k.
I get your point though. All of our income is considered profit, but if we were taxed like businesses we’d be able to exclude rent and groceries etc.
Except a 401k gets taxed on withdrawals, potentially at a higher tax rate than you were paying when you invested some or even most of it. Also, we can’t invest our whole salary into a 401k, as there’s a hard limit on contributions. Whereas a business never gets taxed on the assets they invested in to offset their profits (except maybe state/local property tax, but then they get to deduct that from federal tax…), plus they get to deduct the depreciation of said asset for years going forward.