2020 Democratic presidential candidate Bill de Blasio said during a CNN town hall on Sunday that he would “repeal the Trump tax cuts” for “the corporations” if elected president.
“So, first, what we should do to pay for our federal government, in general, is repeal the trump tax cuts for the wealthy and the corporations,” de Blasio said on Sunday
The GOP-enacted Tax Cuts and Jobs Act signed by President Trump permanently cut the corporate tax rate from 35 to 21 percent. State corporate taxes average 6 percent across the U.S., so this de Blasio tax hike would give the U.S. a combined average corporate rate of 41 percent.
If de Blasio repealed the corporate tax cut, the combined federal-state corporate rate would give the U.S. a much higher rate than the United Kingdom (19 percent), China (25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 much 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.
De Blasio joins Kamala Harris, Joe Biden, Beto O’Rourke, and Amy Klobuchar in calling for an increase in the corporate tax rate.