Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law
Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law
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.
Republicans love to harken back to “the golden age” of america. Ever wonder what paid for it? A big portion was .. corporate tax!
https://taxfoundation.org/data/all/federal/historical-corporate-tax-rates-brackets/
Corporate tax is currently at the lowest point since 1940
https://tradingeconomics.com/united-states/corporate-tax-rate
See this big drop in corporate tax? You thank ol’ trumpy for that
Along with personal income tax - Note this is the top bracket of tax
https://fred.stlouisfed.org/series/IITTRHB
Want your golden age back? Tax these fucking billionaire grifters.
Another thing that raising the corporate tax rate does is make it more profitable to re-invest your income into the company. Since they're only taxed on profits they'll pay zero taxes if they make zero profit. How do you do that? Expanding your business, spending money on R&D, and paying your employees more.
Edit: Haha, just kidding, they'll blow it on stock buybacks.
Ideally, yes - but until share buybacks are outlawed - companies will just ‘reinvest’ by buying up shares (increasing their price, and thereby existing shareholder wealth), and issuing them as bonuses to their C-suite in lieu of payment.. by-and-large avoiding a lot of the income tax that they would otherwise be due to be paid.
Our current late-stage capitalist corporate system is built upon layers and layers of tax-avoidance and self-enrichment at the cost of society as a whole.
Reminded of wtfhappenedin1971.com
The numbers, what do they mean?
Fucking insane that 28% is a tax hike.
Should be no less than 90%, like it used to be.
You have to bear in mind that the "like it used to be" part operated when digital card payments were not a thing. A customer would give you cash, and maybe you would write it down in your taxes, but there was no digital indicator of what actually happened.
Small business owners got to stay afloat by swindling the government, and this was the normal way for centuries.
I'm not saying it's right, just that the high business tax of the past wasn't as effective as you think it was, and will hit extremely differently this time around in the digital era.
Awwww.... Raise it above the old 35% tax rate at least.
It's still a start, and something more likely to get though congress
And index it against inflation. 😉
No better: to the cost of living index. That way if they pump prices up like they have in the last few years, they choke themselves with their own rope.
God I can’t wait until US news headlines aren’t tainted with the name Trump. I’m so tired of it all.
There’ll always be someone else. But we may have a bit of silence when Trump is gone.
I just can't wait to never hear of this dude ever again, or see his name or his anus mouth. It's been a fucking agonizing 8 years with this mother fucker.
Same here. I was exhausted with his run in 2015/2016 and being the king of the birthers and hoped his loss would put his stupid name behind us and he could go back to trying to make a name for himself with morning zoo DJs or wrestling or whatever the fuck.
I despised the guy even before he was given that stupid game show. It got even worse when he "won" in 2016.
The amazing economy that these MAGA people dream of getting back to can be largely attributed to two things. The first is lots of manufacturing, which the CHIPS Act is a step in the right direction towards, but is impossible to ever really get back to ever since Nixon opened the door to China as a trade and manufacturing superpower in the 70s, and companies decided to lower costs by sending manufacturing over there. The second is a MUCH higher business tax rate. At one point, it was 91%. I'm not saying that that's the correct rate in the modern economy, but 28% ain't shit. Raise it to 40% at least, and then use that additional revenue to get everyday Americans' heads above water.
I'm an extremely lucky 35-year-old American white guy, married with no kids or pets, denied ourselves several comforts and luxuries, and I'm still just now at a point where I'm trying to buy my first home. I have almost every advantage possible, and I'm still over ten years behind my parents' generation. That shit ain't right. Help us, the people.
The higher the corporate tax rates the more the companies reinvest into the company to keep profit margins down which causes the economy to flourish rather than funneling as much cash as possible to shareholders.
Companies generally would rather pay their own workers more than pay more in taxes. If you're going to lose the money anyway, might as well spend it keeping your workforce happy than give it to the government.
You might be right, but what's silly is that you think companies wouldn't do everything in their power to not reduce pay to both workers and the government at the same time. And they do. In fact, they lobby endlessly to lower their taxes as well as keep wages low, loosen regulations, dismantle the power of unions, roll back labor rights, and take away voting power of the people who would vote against their interests. You need to understand that the entire motivation of these companies is to maximize profit at all costs. "If you're going to lose the money anyway" is not something they have ever or will ever accept. That's like assuming that you accept that you will never eat another scrap of food ever again. Your survival depends upon it, and when access to it is threatened, you will lie and cheat and steal as much as is necessary to ensure your survival.
If the government taxed businesses at a higher rate and used that increased revenue to improve the quality of life and access to opportunities for all, I'd say that that's a much better use of that money. We've tried taxing businesses less in hopes of having anything other than piss trickle down to the workers. That's how we got here. Productivity has boomed, yet wages have stagnated and people are struggling to get by. It's time to stop propagating broken bullshit-ass Reaganomics and start advocating for your fellow human to be able to afford access to the bare minimum of food, shelter, and medical care. The GDP of the US is over $25 TRILLION. So why in the blue fuck are people still freezing and starving to death in this country? Unacceptable.
Congrats, I just bought a cottage because rents have gone insane
Rents have gone so insane that (assuming everything goes smoothly and we close) we will spend like $500 less per month by moving from our 2 bedroom apartment into a 4 bedroom 1800sqft townhouse. It'd be even less if interest rates weren't dog water right now haha. But there was only one other family competing to go under contract, so the high interest rate is how we got ahead of the upcoming gold rush. Houses are about to go for much higher than right now.
Does it really matter what the rate is when they don't pay it anyway?
"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."
Imagine if the law was no more can be spent in corporate executive compensation than the company pays in taxes. Idk if that's a good idea for small corporations, but it's a jumping off point.
I gotta tell ya, “is planning on increasing corporate taxes” seems like the right direction to me. So, yes.
Yes, there’s more to be done, obviously.
For someone who clearly knows how fucked the issue is that wording seems almost distracting from the road that will get us to a solution. It’s a good thing, let it happen.
What’s your conclusion? That we shouldn’t tax anyone at all?
Why isn’t your conclusion that we should find these husks of supposed humans and turn them inside out? Why isn’t your conclusion that chunks of SpaceX, chunks of Amazon, chunks of Google, should be rightfully owned by the American public?
Close the loopholes that let companies with billions in revenue pay 0 in taxes.
Because socialism generally speaking works really really badly? Taxation should ideally be zero, but since there are obvious things 99% of us agree that should be funded in a centralized way, we have to have taxes.
The point of taxes is not to make everyone equal, the point is to fund those important things. For instance: police, military, education, basic healthcare (perhaps), charity for the less fortunate and certain natural monopolies like utilities.
Exactly. If the don't close the loopholes then this means precisely dick.
I feel like I pay that now as a peon.
For an individual in 2024 to pay 28% of income in federal taxes, you'd have to make $500,000 according to this calculator.
Or be self employed.
State plus federal tax tho?
Not to mention health insurance and 401k (to replace pensions).
Our take home percentage is much lower than a few decades ago. Not to mention cost of living: housing and food.
The GOP wants to take America back to when it was “great,” as long as “great” ignores when the rich and companies paid their fair share for infrastructure, schools, etc.
God forbid we actually decided to pay for those things again and stopped letting the country rot.
Shocker, things go to shit when you don’t pay for them and or sell them off to private companies. Looking at you, Starliner capsule.
Fuck...I pay that , and more on bonuses I receive.
Let them pay more.
This. In canada the corporate tax rate is 29% for income. 19% for companies. Tax em.
This is SO BAD for the Economy! All those Job Creators laying off Tens of Thousands of Workers will MOVE! We need to Tax the HOMELESS instead! I'm Fiscally Responsible Republican!
I'm game for over 50% really
What was it before Trump?
The article says 35
Republicans take great strides backwards. The limit of our ambition is baby steps forwards.
If corporations were being honest, they'd acknowledge that's a bargain.
If corporations were being honest
When has that happened?
I'm with you, though. I'll dream...
Talk about taxing private citizens who have more money than some nations.
Pre-80s tax rate for the wealthy was 70%.
That needs to be restored.
Good step and i hope it leads to a great finish. i.e. >50%
After all the price gouging gains and PPP loans going to lining the pockets of owners buying themselves ferraris, let's up it to 85%. They'll manage. Since corporations are people, they can just pull themselves up by their bootstraps.
Not our problem.
Sounds great to me.
Rookie numbers. Gotta bump those up.
Just give me back the exception for state taxes.
Do it now. Make it retroactive.
51% on bonuses here in Sweden
Not arguably high but tax dollars need to be protected, not corrupted.
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you suck
Title
:::Unless there is a global minimum tax this will just move headquarters to Ireland or whoever is cheapest. This type of stuff is just to get votes. Sorry to be a negative Nancy 😕
If you disagree pls explain why. Genuinely interested in learning. I promise to discuss in good faith. I am also not an expert on most things. Just a person who has had some experience in broken promises 😉
A global minimum corporate tax rate, you say? Agreed to by 137 countries during the Biden administration even? Neat!
I saw a video about this. I think the next step would be heavier taxes on the corporations that do this kind of stuff.
Then a nationalization of the physical means of that corporation that the entity leaves behind.
"If they leave we just make it work without them, we are American, we can do anything." -some dude on the internet