Posted on 07/24/2024 8:23:23 AM PDT by delta7
America is experiencing a 13-year high in corporate bankruptcies, with more companies going under than during the lockdown era of the pandemic. Companies are rushing to friendshoring opportunities to avoid the tax that comes with the Made in America label. Businesses are reluctant to hire even low-wage workers. America lost China as its top trading partner and is experiencing supply chain issues. Instead of implementing meaningful legislation to promote American businesses, Kamala Harris plans to increase taxes.
Kamala Harris believes that the corporate income tax rate should rise from 21% to an astounding 35%. Even Joe Biden’s plan sought to “only” raise this tax to 28%. America would lose its competitive advantage and boast one of the highest corporate taxes in the world.
The average corporate taxation rate among the G7 nations stood at 27.18% in 2023 (26.88% when weighted by GDP), while the G7 has a rate of 27.09% (26.51% weighted). China’s corporate tax rate stood at 25% last year, but the rate for Asia overall averaged 19.8% (25.02% weighted). The European Union imposed a 21.15% corporate income tax last year (25.21% weighted). The overall corporate tax rate among 181 nations was 23.45% (25.76% weighted).
Corporate taxes have been steadily declining since 1980. The 2017 Tax Cuts and Jobs Act (TCJA) was signed into law by Donald Trump reduced corporate taxes from 35% to 21% and successfully attracted business to America. Most of the provisions provided under this act are set to expire in 2025. The top marginal rate on income taxes were reduced from 39.6% to 37%, which was surprisingly controversial as people vehemently believe that those with more and the reason that others have less.
Do voters believe this measure will punish “greedy” corporations? It will only lead to costs rising for the consumers and companies taking their business offshore. They could raise taxes 100% and it STILL would not be enough to support government’s uncontrolled spending. These politicians will never look at how their policies are affecting the economy because they prefer to hunt down their own citizens for funding. It is astonishing that anyone can run for president with no working knowledge of basic economics.
Harris’ little brown people are going to love this even if it does cause them to lose their job.
Kamala Harris - D estructive
It’s because her mega-donors are not American corporations. She is even more committed to the WEF -fascist agenda than the old man ever was. She is backed by GLOBALIST corporate goons and the tax plans are to make all US corporations either globalist or extinct.
Lucky she’ll never in a position to do that. Can’t cackle your way out of this one comeala ‘FWEEDUMB’ hawiss!
Gosh! Where will these corporations come up with the additional cash they need to pay these additional taxes? What a mystery this is.
Corporations that do business for profit do not pay taxes.
Their customers pay the taxes. This only causes the price of the product to go up, if the corporate entity is to remain in existence. And in doing so, only feeds further inflation.
A simple fact of bookkeeping that seems to elude the command-and-control mindset of tax-and-spend crowd.
Corporations will just pass the tax on to consumers
She has no clue about economics.
Instead of raising corp tax rates to 35%, it would be better to lower corporate tax rates to 10% and raise the import tariff to 35%. Just saying....
Corporations will pass the increased taxes on to consumers.
They love when a black women gives it to he white guy even though she’s not black they will make believe she is
Tax the hell out of them. And do it on worldwide income so they can't offshore their gains and say they made no money in the US.
Kamel Hair wants inflation to skyrocket beyond what Biden caused.
Corporations can CLEARLY afford to hire accountants. The key to paying higher wages is higher productivity by the individual worker. The worker has to be producing MORE value per hour of work than he is being paid, which some would think is “exploitation”, but in fact, the only reason the job slot was created. The profit made by the corporation is the building block of further expansion, and the key to still higher productivity, which means growth and more hiring at higher wages.
Taxing away that profit GUARANTEES that the wages offered will surely fall, and lead to business contraction, the very opposite of expansion.
Profits belong to the workers that produce them...... Joe Biden, Labor Senator for Life
Kamala the job killer.
Maybe AOC will be one of her advisors
Under a capitalist system, yes. But that is not the system we are operating under.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.