Amy Klobuchar: Raise the Corporate Tax Rate to 25%

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Posted by Adam Sabes on Tuesday, August 27th, 2019, 12:15 PM PERMALINK

Another 2020 Dem calls for corporate tax rate hike

2020 Democratic Presidential candidate Amy Klobuchar said on Sunday that if elected, she would “bring [the corporate tax rate] to 25 percent.”

“My plan is a trillion-dollar infrastructure plan, paid for by rolling back the parts of the Republican tax bill that were very regressive, like the corporate tax rate -- if you bring it to 25%, you save $400 billion in 10 years,” Klobuchar said in New Hampshire. 

The Klobuchar tax hike would impose a tax rate higher than the current combined corporate rate across the 36 member Organization for Economic Development and Cooperation (OECD), which is currently 23.7 percent.

State corporate taxes average 6 percent across the U.S., so the Klobuchar tax hike would give the U.S. a combined average corporate rate of 31 percent.

An increase in the corporate tax rate would also directly raise the cost of utility bills in all 50 states.

If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.

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