Good. But at the same time make sure they don’t just pass that along to consumers in the form of increased prices.
TintedApostle on
It is called restoring the tax rate. Its how the media phrases it that makes it look so bad. All she would do would be would be to restore the tax rate.
spoobles on
that would be a start.
Searchlights on
Happy to support this, but I’d also be happy to support closing the loopholes big corporations use to evade the rate altogether.
Otherwise we’re talking about a rate increase on businesses that don’t have the means to leverage accounting tricks.
AngusMcTibbins on
Hell ya. This is progress
sedatedlife on
Should go higher but its better then nothing
RoyH0bbs on
Fuck to the yeah.
ExoticEmployment8558 on
But how’s it going to trickle down if you do that?
InAllThingsBalance on
So, she is proposing that corporations pay the same tax rate that I do? Sounds good to me.
Sure_Quality5354 on
Corporate profits are at an all time high. Tax those greedy pigs.
memphisjones on
If we are being exploited by billionaires, might as well get taxed for it.
Notgoodatfakenames2 on
Good
royalblue1982 on
The key issue is getting all Western nations to push up their rates collectively to stop the incentive for companies to go ‘tax shopping’ – and the incentive for other nations to indulge them.
Apprehensive-Cat330 on
It’s a good idea but corporate big wigs will fight tooth and nail to prevent her election. I wouldn’t put it past them to tank the economy before the election to make the current Biden/Harris administration look bad so that Trump/Vance can warn voters that they can look forward to more of the same if they don’t vote Republican.
kungfoojesus on
Monster tax rates should be applied to CEOs as well. Everything over $1million is immediately taxed at at least 25%, before most write offs or tax avoidance schemes
Meinmyownhead502 on
Maga supporters making minimum wage strongly oppose this 😂
DrPlexel1234 on
Solid.
Designer_Buy_1650 on
No corporation will pay the 28% rate. There are so many loopholes that the effective rate will be considerably less.
Closing the loopholes would probably be as effective as raising the rates.
> A 28% corporate tax rate is lower than what Harris proposed in her failed 2020 presidential campaign, when she called for fully repealing Trump's tax cuts, which would have returned the corporate rate to 35%. The new stance aligns Harris with President Joe Biden's most recent budget proposal.
> A potential President Harris would have some leverage over the GOP for negotiations on tax policy, as many other portions of the Trump tax cuts expire at the end of 2025, which will lead to a major debate in Congress next year about which parts to extend.
I think one of the biggest fixes would be taxing capital gains the same as income, this is one of the main loopholes people in the owning class use to avoid paying the same taxes as everyone else. When companies return their profits via stock buybacks the shareholders can avoid paying income tax on that money that would have otherwise been reinvested in the company or paid as a dividend at a fair(er) tax rate.
rnilf on
No special treatment, you corporate snowflakes.
teddytwelvetoes on
lol wasn’t it 35% before Trump? and over 40% before that? and over 50% before that?
Ok-disaster2022 on
Funnily enough under Obama the corporate rate was like 34% and he wanted to lower it to 28%. Trump took that idea and lowered it too far.
Real-Psychology-4261 on
Good. It’s not raising taxes. It’s restoring the rate before Trump fucked it up.
woodenblinds on
we need to restore back to pre Regan times.
JustSomeMateGuy on
As many have mentioned increasing the tax rate is a step…but closing the loopholes and taxing the executives compensation accordingly is also needed…and I think finding a way to incentivize companies to reallocate percentages of executive pay to the non executive employees would help…while also working to keep prices fair…
Entropologic on
Of course I am for this, but for the love of God can we find a way to keep them from shifting money into foreign bank accounts in order to evade paying?
xjian77 on
Fair rate. The rate was 35% before Trump, and currently sits at 21%. Harris is proposing the middle point.
JeanEtrineaux on
How about we just triple that number?
Broad_Sun8273 on
She seems to be an expert at knowing what to do after her opponent has been sent reeling by a knuckle sandwich. Try doing that to your non-dominant hand and you’ll know what I mean.
Economy_Ask4987 on
Corporations have no one to blame except themselves.
Their greed is making this necessary…
They have failed the “common good.”
Fak-Engineering-1069 on
Call it “restore america prosperity” or “anti foreign tax cheat act”
Better yet “Stop the Steal” act
FUNKYDISCO on
oh no!!! if we raise taxes on them they’ll pass along the expense to the consumer!! I mean, they’re doing that anyways, but now they’ll keep doing it… even though they’d probably keep doing it anyways.
pillgrinder on
Still seems too low.
TheDeepStateDirector on
I’d prefer 90%
Pixeleyes on
Didn’t it used to be 38-45%? You know, back when America was “great”?
Top_Huckleberry_8225 on
Given that we’re not attempting to balance the budget it seems more punitive than goal oriented.
It’s not really going to break the bank but it’s kind of a dick move to fuck with my investments to appease the poor.
Also I’m self-employed.
What was wrong with lower rate higher volume? Sure it came from Trump, but honestly lower corporate tax rates have been part of the fuel for our economy. The stock market is soaring to new heights. We don’t need to change what works just to say we’re changing something.
spa22lurk on
Trump tax cut doesn’t work. It didn’t result in economic or manufacturing or investment growth. It didn’t result in price reduction. All it leads to is more dividends and more share buybacks and more deficits.
Biden investment in infrastructure, traditional and climate technology manufacturing work. It results in economic growth, manufacturing growth and investment growth. It didn’t cause inflation as people like to argue. On the contrary, it leads to price reduction in some areas which it has more short term impact (Electric vehicles, prescription drugs etc). The jury is still out for it’s impact on long term prices, but I am hopeful that more renewable energy and more domestic production and drug price negotiations and climate change mitigation will lead to lower prices.
In summary, we should tax corporations more and use that money to spur investment like Biden has been doing to achieve the purported trump goals and that actual Biden goals.
Armano-Avalus on
Good, but I don’t know why they’re not rolling it back to 35% which was what it originally was before the Trump tax cuts. Biden suggested a halfway measure too.
Comfortable_Horse277 on
It was 40 percent in 1980.
35 percent in 2000.
It’s been higher than 40 as well.
Restore the corporate tax rate.
Also, fuck Ronald Regan.
Spiritual-Bear4495 on
Shit, I’d like to see it at 32%. Claw back what Trump gave them.
The motherfuckers have raised prices on everything and are fat on profits.
Dangerous_Elk_6627 on
Restore the corporate tax rate to 35% and the individual tax rates to what the were in the 1950s and ’60s, accounting for inflation of course.
Hi_Im_Ken_Adams on
Let’s not forget that whatever the official corporate tax rate is, the EFFECTIVE tax rate for most corporations is much much lower after write-offs. That’s why some companies like Amazon that make billions in profits pay nothing in taxes. They find ways to write off their expenses so as to avoid corporate taxes completely.
Here are some other examples of companies making billions but paying zero taxes:
1. **Nike** – Reported significant pre-tax income but managed to avoid paying any federal taxes for three consecutive years.
2. **FedEx** – Similar to Nike, FedEx reported substantial profits but paid no federal income taxes over the last three years.
3. **Salesforce** – Despite earning $2.7 billion in 2021, Salesforce paid no federal income taxes.
4. **Duke Energy** – Paid no federal income taxes in 2021, with $3.7 billion in U.S. earnings.
5. **Kinder Morgan** – Also paid no federal income taxes in 2021 on $2.2 billion in U.S. earnings.
These companies, along with others like Amazon, ExxonMobil, and Microsoft, have utilized various deductions and credits to significantly reduce their tax liabilities, with some even receiving tax rebates.
gandalfsbastard on
That’s a good start, but higher is better.
Accomplished_Tour481 on
Does Harris realize raising corporate tax rate have effects such as decreased employment or higher product prices? Or both?
PmMeYourNiceBehind on
How about we close up corporate tax loop holes, and bust and/or stop growing monopolies. Our politicians are always going for the simple bandaid fixes, instead of addressing the root causes
cybermort on
Great, maybe even more. Enough of trickle-down. Reverse course and build from the bottom up.
47 Comments
Good. But at the same time make sure they don’t just pass that along to consumers in the form of increased prices.
It is called restoring the tax rate. Its how the media phrases it that makes it look so bad. All she would do would be would be to restore the tax rate.
that would be a start.
Happy to support this, but I’d also be happy to support closing the loopholes big corporations use to evade the rate altogether.
Otherwise we’re talking about a rate increase on businesses that don’t have the means to leverage accounting tricks.
Hell ya. This is progress
Should go higher but its better then nothing
Fuck to the yeah.
But how’s it going to trickle down if you do that?
So, she is proposing that corporations pay the same tax rate that I do? Sounds good to me.
Corporate profits are at an all time high. Tax those greedy pigs.
If we are being exploited by billionaires, might as well get taxed for it.
Good
The key issue is getting all Western nations to push up their rates collectively to stop the incentive for companies to go ‘tax shopping’ – and the incentive for other nations to indulge them.
It’s a good idea but corporate big wigs will fight tooth and nail to prevent her election. I wouldn’t put it past them to tank the economy before the election to make the current Biden/Harris administration look bad so that Trump/Vance can warn voters that they can look forward to more of the same if they don’t vote Republican.
Monster tax rates should be applied to CEOs as well. Everything over $1million is immediately taxed at at least 25%, before most write offs or tax avoidance schemes
Maga supporters making minimum wage strongly oppose this 😂
Solid.
No corporation will pay the 28% rate. There are so many loopholes that the effective rate will be considerably less.
Closing the loopholes would probably be as effective as raising the rates.
This is the best tl;dr I could make, [original](https://www.nbcnews.com/politics/2024-election/harris-proposes-raising-corporate-tax-rate-28-rolling-back-trump-law-rcna167208) reduced by 72%. (I’m a bot)
*****
> CHICAGO – 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.
> A 28% corporate tax rate is lower than what Harris proposed in her failed 2020 presidential campaign, when she called for fully repealing Trump's tax cuts, which would have returned the corporate rate to 35%. The new stance aligns Harris with President Joe Biden's most recent budget proposal.
> A potential President Harris would have some leverage over the GOP for negotiations on tax policy, as many other portions of the Trump tax cuts expire at the end of 2025, which will lead to a major debate in Congress next year about which parts to extend.
*****
[**Extended Summary**](http://np.reddit.com/r/autotldr/comments/1ewbi7n/harris_proposes_raising_the_corporate_tax_rate_to/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ “Version 2.02, ~692595 tl;drs so far.”) | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr “PM’s and comments are monitored, constructive feedback is welcome.”) | *Top* *keywords*: **tax**^#1 **President**^#2 **Harris**^#3 **corporate**^#4 **rate**^#5
I think one of the biggest fixes would be taxing capital gains the same as income, this is one of the main loopholes people in the owning class use to avoid paying the same taxes as everyone else. When companies return their profits via stock buybacks the shareholders can avoid paying income tax on that money that would have otherwise been reinvested in the company or paid as a dividend at a fair(er) tax rate.
No special treatment, you corporate snowflakes.
lol wasn’t it 35% before Trump? and over 40% before that? and over 50% before that?
Funnily enough under Obama the corporate rate was like 34% and he wanted to lower it to 28%. Trump took that idea and lowered it too far.
Good. It’s not raising taxes. It’s restoring the rate before Trump fucked it up.
we need to restore back to pre Regan times.
As many have mentioned increasing the tax rate is a step…but closing the loopholes and taxing the executives compensation accordingly is also needed…and I think finding a way to incentivize companies to reallocate percentages of executive pay to the non executive employees would help…while also working to keep prices fair…
Of course I am for this, but for the love of God can we find a way to keep them from shifting money into foreign bank accounts in order to evade paying?
Fair rate. The rate was 35% before Trump, and currently sits at 21%. Harris is proposing the middle point.
How about we just triple that number?
She seems to be an expert at knowing what to do after her opponent has been sent reeling by a knuckle sandwich. Try doing that to your non-dominant hand and you’ll know what I mean.
Corporations have no one to blame except themselves.
Their greed is making this necessary…
They have failed the “common good.”
Call it “restore america prosperity” or “anti foreign tax cheat act”
Better yet “Stop the Steal” act
oh no!!! if we raise taxes on them they’ll pass along the expense to the consumer!! I mean, they’re doing that anyways, but now they’ll keep doing it… even though they’d probably keep doing it anyways.
Still seems too low.
I’d prefer 90%
Didn’t it used to be 38-45%? You know, back when America was “great”?
Given that we’re not attempting to balance the budget it seems more punitive than goal oriented.
It’s not really going to break the bank but it’s kind of a dick move to fuck with my investments to appease the poor.
Also I’m self-employed.
What was wrong with lower rate higher volume? Sure it came from Trump, but honestly lower corporate tax rates have been part of the fuel for our economy. The stock market is soaring to new heights. We don’t need to change what works just to say we’re changing something.
Trump tax cut doesn’t work. It didn’t result in economic or manufacturing or investment growth. It didn’t result in price reduction. All it leads to is more dividends and more share buybacks and more deficits.
Biden investment in infrastructure, traditional and climate technology manufacturing work. It results in economic growth, manufacturing growth and investment growth. It didn’t cause inflation as people like to argue. On the contrary, it leads to price reduction in some areas which it has more short term impact (Electric vehicles, prescription drugs etc). The jury is still out for it’s impact on long term prices, but I am hopeful that more renewable energy and more domestic production and drug price negotiations and climate change mitigation will lead to lower prices.
In summary, we should tax corporations more and use that money to spur investment like Biden has been doing to achieve the purported trump goals and that actual Biden goals.
Good, but I don’t know why they’re not rolling it back to 35% which was what it originally was before the Trump tax cuts. Biden suggested a halfway measure too.
It was 40 percent in 1980.
35 percent in 2000.
It’s been higher than 40 as well.
Restore the corporate tax rate.
Also, fuck Ronald Regan.
Shit, I’d like to see it at 32%. Claw back what Trump gave them.
The motherfuckers have raised prices on everything and are fat on profits.
Restore the corporate tax rate to 35% and the individual tax rates to what the were in the 1950s and ’60s, accounting for inflation of course.
Let’s not forget that whatever the official corporate tax rate is, the EFFECTIVE tax rate for most corporations is much much lower after write-offs. That’s why some companies like Amazon that make billions in profits pay nothing in taxes. They find ways to write off their expenses so as to avoid corporate taxes completely.
Here are some other examples of companies making billions but paying zero taxes:
1. **Nike** – Reported significant pre-tax income but managed to avoid paying any federal taxes for three consecutive years.
2. **FedEx** – Similar to Nike, FedEx reported substantial profits but paid no federal income taxes over the last three years.
3. **Salesforce** – Despite earning $2.7 billion in 2021, Salesforce paid no federal income taxes.
4. **Duke Energy** – Paid no federal income taxes in 2021, with $3.7 billion in U.S. earnings.
5. **Kinder Morgan** – Also paid no federal income taxes in 2021 on $2.2 billion in U.S. earnings.
These companies, along with others like Amazon, ExxonMobil, and Microsoft, have utilized various deductions and credits to significantly reduce their tax liabilities, with some even receiving tax rebates.
That’s a good start, but higher is better.
Does Harris realize raising corporate tax rate have effects such as decreased employment or higher product prices? Or both?
How about we close up corporate tax loop holes, and bust and/or stop growing monopolies. Our politicians are always going for the simple bandaid fixes, instead of addressing the root causes
Great, maybe even more. Enough of trickle-down. Reverse course and build from the bottom up.