Kamala Harris is aiming to increase the US corporate tax rate to 28 per cent if she wins the White House in November, a move designed to raise government revenues from corporate America that is likely to draw criticism from business.
Harris’s presidential campaign said on Monday that she planned to stick by a proposal put forward by President Joe Biden in recent years to bring the corporate tax rate up from 21 per cent to 28 per cent.
The statement comes as the vice-president fleshes out her economic plans ahead of formally becoming the Democratic presidential nominee at the party’s convention in Chicago this week.
Her tax plan for businesses contrasts sharply with that of her rival for the presidency, Republican candidate Donald Trump, who is proposing slashing the corporate tax rate to 15 per cent.
Harris’s plan would make the US’s corporate tax rate higher than the UK’s, at 25 per cent, and one of the highest among advanced economies.
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@CockyLlamaDemocrat2yrs2Y
The state of US infrastructure is shocking. Symptomatic of an economy underinvesting in itself.
Got to raise the dollars from somewhere.
@Gr4ssrootJerkyDemocrat2yrs2Y
Really? The US has more railway than any other country. US tax burden as a percentage of GDP is slightly below-average compared to other nations. It's the entitlement spending in the US that has gone up significantly.
@StressedChamoisGreen2yrs2Y
Railways??? They were mainly laid down in the 19th century! The US has virtually no modern high speed rail & many of its great cities are well short of having satisfactory metro/urban rail/tram networks.
@Gr4ssrootJerkyDemocrat2yrs2Y
The US has the largest rail network by length in the world. High-speed rail lags in comparison to other countries, but as always, people take that criticism as meaning that the US is actually worse off than other countries, rather than just being a flaw that needs improvement.
@StressedChamoisGreen2yrs2Y
Ranking nations rail infrastructure based on miles laid is insanity. You just need to book one train journey outside a city in the US and in germany/switzerland/UK to know this. The only place I have seen less useful passenger train infrastructure than the US is Canada
It's unconstitutional and immoral for the federal government to participate in infrastructure programs, because it robs the majority of the states and communities for the benefit of a favoured few, in the hopes of winning their votes. The American Union was made for the "General Welfare" of the States – meaning each State should share the benefits and the burdens of the union without favouritism. Federal infrastructure favours some states over others.
@VoleBarryLibertarian2yrs2Y
This only means a price increase to consumers because this gets passed on. Here is why Trump cut corporate taxes to 21%: Europe tax rate is at 20% with Ireland at 15%. Corporations were leaving dollars earned overseas overseas because US corporate tax rate was at 38%. Also, corporations weren't very competitive with Europe. You will have thinner wallets under Harris.
@VotingVicunaRepublican2yrs2Y
I'm sorry, come on people if you don't understand that the tax rate corporations pay is calculated their tax rate into their pricing, you just don't understand how things work. Sounds great, tax corporations at 28%, guess what, your already high prices will go up some more. Why do you think the selling price of company valuations is based on EBITDA. (Earnings Before Interest, Taxes Depreciation and Amortization.
@SausageDickSocialist2yrs2Y
@ISIDEWITH2yrs2Y
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