Biden and Harris: Raise the Corporate Tax Rate

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Posted by Adam Sabes on Thursday, July 25th, 2019, 10:00 AM PERMALINK

Kamala Harris and Joe Biden have both called for increases in the corporate tax rate during various campaign stops and interviews in July.

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I would raise the corporate tax rate from 20 to 28 percent,” Biden said during a CNN interview.

We’ve got to increase the corporate tax rate,” Harris said during a roundtable in Davenport, Iowa.

I would raise the corporate tax, I agreed we should have lowered it from 36 to 28 percent, but it got lowered to 20 percent,” Biden said in Sioux City, Iowa.

The Tax Cuts and Jobs Act permanently cut the corporate rate from 35 percent to 21 percent. Biden is incorrect when he says it was lowered to 20 percent.

State corporate taxes average 6 percent across the U.S., so this Biden and Harris tax hike would give the U.S. a combined average corporate rate of 34 percent.

The Biden and Harris percent combined federal-state corporate rate would give the U.S. a much higher rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). It would impose a tax rate higher than the current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD), which is currently 23.7 percent.

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

Biden and Harris have also repeatedly threatened a full repeal of the Tax Cuts and Jobs Act.

First thing I’d do is repeal those Trump tax cuts,said Biden during a campaign stop in Columbia, South Carolina on May 4.

On day one, it is my full intention to repeal that tax bill that passed, representing the top one percent and the biggest corporations in America,” Harris said during a roundtable in Davenport, Iowa on July 16.

Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:

Biden and Harris have been threatening to undo the Tax Cuts and Jobs Act throughout their entire campaign. If you want to stay up-to-date on their threats to raise taxes, follow atr.org/HighTaxDems.

See more:

Biden tweet: Ignore the fact I’ve already called for middle class tax hikes

Kamala Harris: “I Will Reverse” Trump’s Tax Cuts

Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes

Julian Castro Caught Lying about GOP Tax Cuts

NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts

Kamala Harris: I Will Repeal “That Tax Bill”

Cory Booker: “I do support” Imposing Carbon Tax on Americans

Harris: “We are Going to Repeal That Tax Bill”

Biden: I Will Raise Corporate Tax Rate to 28%

Kamala Harris Continues to Lie about Tax Cuts

Jay Inslee: “Repeal the Trump Tax Cuts”

Biden Running Ads to “Repeal Trump’s Tax Cuts.”

VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts

Here’s what happens if Dems repeal tax cuts

VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA

Kamala Harris: When I Enter Office "I Will Repeal" the TCJA

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”

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