Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law

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.

Fucking insane that 28% is a tax hike.

God I can’t wait until US news headlines aren’t tainted with the name Trump. I’m so tired of it all.

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.

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."

I feel like I pay that now as a peon.

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.

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!

Fuck...I pay that , and more on bonuses I receive.

Let them pay more.

What was it before Trump?

If corporations were being honest, they'd acknowledge that's a bargain.

Talk about taxing private citizens who have more money than some nations.

Good step and i hope it leads to a great finish. i.e. >50%

Sounds great to me.

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.

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Rookie numbers. Gotta bump those up.

51% on bonuses here in Sweden

Not arguably high but tax dollars need to be protected, not corrupted.