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.”

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.

  • Cruxifux@feddit.nl
    link
    fedilink
    arrow-up
    167
    ·
    3 months ago

    Maybe roll it back up to 35 percent instead of letting republicans gain ground every fucking election and doing half assed measures that still result in net loss for the people? I mean it’s a step in the right direction but Jesus fucking Christ man.

  • jordanlund@lemmy.world
    link
    fedilink
    arrow-up
    48
    ·
    3 months ago

    Does it really matter what the rate is when they don’t pay it anyway?

    https://www.usatoday.com/story/money/2024/03/13/companies-spend-more-executive-salaries-than-taxes/72941207007/

    "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."

    • Flying Squid@lemmy.world
      link
      fedilink
      arrow-up
      20
      ·
      3 months ago

      To be fair, this is about the corporate tax rate, not the income tax that corporations pay.

      However, that article does mention the corporate tax rate and how corporations pay less than they are supposed to:

      The watchdog report draws on recent research by the Institute on Taxation and Economic Policy, another nonprofit, left-leaning think tank. That group found 342 large corporations that paid a cumulative effective tax rate of 14.1% over five years, well short of the statutory corporate tax rate of 21%.

      Hopefully a Harris administration would close such loopholes as well.

  • MyOpinion@lemm.ee
    link
    fedilink
    arrow-up
    41
    ·
    3 months ago

    This needs to happen. Also massive corps need to start paying minimum tax. No more tax free years.

    • Karyoplasma@discuss.tchncs.de
      link
      fedilink
      arrow-up
      4
      ·
      3 months ago

      I’m still stumped how ads make money. If your product ad interrupts my enjoyment, I am now fully aware of what I will not buy under any circumstance. How does that benefit anyone?

      • dan@upvote.au
        link
        fedilink
        arrow-up
        3
        ·
        edit-2
        3 months ago

        You’re not the average person though. A lot of people do respond to ads. The average ROI (return on investment) for digital ads is 200-500%, meaning for every $1 the advertiser spends on ads, they make $2 - $5 back. Retargeting ads (the ones that show you products you’ve viewed before) are even more effective.

        The reason ads are so prevalent is because people want stuff for free, and ads work well enough to cover the costs of providing a free service. I’m not saying they’re bad or good, just that that’s the state of things today.

      • fine_sandy_bottom@lemmy.federate.cc
        link
        fedilink
        arrow-up
        2
        ·
        3 months ago

        I’m just like this. On principle, I’m never going to click through an ad nor purchase the advertised product.

        That said, ads online have been so pervasive for so long that a lot of people just plain do not see any problem. In every thread about brave browser idiots try to make the use that “responsible” ads are actually good, like they’re providing you a service by making you aware of some thing you wanted to buy.

        Even in this thread, someone will probably be along shortly to tell us all about how the advertising revenue model is the only way to find the modern web. Vapid youtubers need to get paid somehow after all.

  • JohnDClay@sh.itjust.works
    link
    fedilink
    arrow-up
    29
    ·
    3 months ago

    Taxing profit rather than revenue might be one of the reasons companies look for unlimited growth. If they had reasonable growth or were steady, they’d need to pay more in taxes since they’d be profitable. Instead if they spend all their money on regrowing and growing and growing and paying executives.

  • samokosik@lemmy.world
    link
    fedilink
    arrow-up
    16
    ·
    3 months ago

    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.

  • pjwestin@lemmy.world
    link
    fedilink
    arrow-up
    10
    ·
    3 months ago

    Honestly, unless we close the offshore tax loophole, reducing or increasing the corporate tax rate is basically symbolic, since the federal tax rate is functionally 0% for most cooperations.

  • Media Bias Fact Checker@lemmy.worldB
    link
    fedilink
    arrow-up
    5
    ·
    3 months ago
    Congressional Budget Office (CBO) - News Source Context (Click to view Full Report)

    Information for Congressional Budget Office (CBO):

    MBFC: Least Biased - Credibility: High - Factual Reporting: Very High - United States of America
    Wikipedia about this source

    NBC News - News Source Context (Click to view Full Report)

    Information for NBC News:

    MBFC: Left-Center - Credibility: High - Factual Reporting: High - United States of America
    Wikipedia about this source

    Search topics on Ground.News

    https://www.nbcnews.com/politics/2024-election/harris-proposes-raising-corporate-tax-rate-28-rolling-back-trump-law-rcna167208
    https://www.nbcnews.com/politics/2024-election/biden-trump-tax-cuts-wealthy-2024-election-rcna157099
    https://www.cbo.gov/budget-options/54810

    Media Bias Fact Check | bot support

  • NastyNative@mander.xyz
    link
    fedilink
    English
    arrow-up
    3
    ·
    3 months ago

    Kamala here, we couldn’t get it done this term but we will next term. This is 100% what will happen! Biden promised the same, obama promised the same. When are we going to take this for the lie it is.