Democrat Presidential Candidate Elizabeth Warren said in a July 2018 interview with CNBC’s John Harwood that she “really” wants to see the GOP-enacted corporate tax rate reductions “rolled back.”
Here’s the key exchange:
CNBC’s John Harwood: “If Democrats take the Congress, if you’re in the White House, or both, would you like to see these corporate tax cuts repealed?”
Elizabeth Warren: “Yeah, I really want to see them rolled back.”
[Click here for official transcript]
Before President Trump signed the Tax Cuts and Jobs Act into law, the U.S. had the highest corporate tax rate in the developed world: 35 percent. The tax cuts permanently reduced the corporate tax rate to a more competitive 21 percent.
State corporate taxes average 6.0 percent across the U.S., so if Warren fully “rolled back” the tax cuts she would end up imposing a combined average corporate rate of 41 percent.
This would give the U.S. a much higher corporate tax rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). In fact, Warren’s approach 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.
Warren joins fellow Democrats Kamala Harris, Joe Biden, Beto O’Rourke, and Amy Klobuchar in calling for a corporate tax rate increase.
On top of her corporate income tax rate increase, Warren has called for a new 7% tax on corporations that alone would amount to a $1 trillion tax increase over ten years.
See more:
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