Democrat presidential candidate Bernie Sanders said in a 2017 interview that he would “Absolutely” raise corporate tax rates.
Here’s the key exchange during the December 17, 2017 episode of CBS show Face The Nation hosted by John Dickerson:
Dickerson: “But there’s no question that in order to achieve all of the things you want taxes are going to have to go up on corporations. If they’re down to 21 as a result of this legislation, you can’t find the money anywhere else.”
Sanders: “Absolutely. Yes. In my view absolutely.”
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 Sanders reversed the tax cuts he 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, Sanders 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.