Pete Buttigieg said that he would “roll back” the corporate tax cut portion of the Tax Cuts and Jobs Act, during a campaign speech in Knoxville, Iowa on Dec. 29. He also said that the capital gains tax rate would be raised in order to pay for his costly proposals.
“We gotta roll back the Trump tax cuts for corporations that benefited the wealthy … we take those steps, common sense steps, fixing capital gains so that wealth is taxed in a way that is comparable to how work is taxed,” Buttigieg said.
The Buttigieg 35 percent rate would give the U.S. a 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 directly raise the cost of utility bills in all 50 states.
Buttigieg has also told The Indy Star that he would eliminate the Trump tax cuts.
“The campaign also exclusively provided IndyStar details about how it would pay for the $5.7 trillion in total spending Buttigieg has proposed so far, including the middle-class proposal, largely through a capital gains tax on the top 1% of all earners and through eliminating President Donald Trump’s tax cuts,” according to The Indy Star.
Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:
- The New York Times also flatly stated: “Most people got a tax cut.”
- CNN’s Jake Tapper did his own fact check and concluded: “The facts are, most Americans got a tax cut.”
- CNN’s Jake Tapper also stated: “In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut.”
- FactCheck.org stated: “Most people got some kind of tax cut in 2018 as a result of the law.”
- FactCheck.org also stated: “The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.
- The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
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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