Democratic presidential candidate Steve Bullock told POLITICO reporters and editors Tuesday he wants to raise the corporate tax rate to 28 percent.
“But he said he does favor boosting the corporate tax rate to 28 percent from 21 percent,” stated the POLITICO report.
The GOP-enacted Tax Cuts and Jobs Act permanently cut the corporate rate from 35 percent to 21 percent.
State corporate taxes average 6 percent across the U.S, so this Bullock tax hike would give the U.S. an average top corporate rate of 34 percent.
The Bullock 34 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.
“Hiking the tax rate on American businesses will kill jobs, lower wages, and reduce new investment in America,” said Grover Norquist, president of Americans for Tax Reform. “Why does Bullock want to damage American competitiveness and job creation?”