Kamala Harris wants to raise corporate tax rate, punishing small businesses even more

By bellecarter // 2024-08-22

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Vice President and Democratic presidential nominee Kamala Harris would raise the corporate tax rate from 21 to 28 percent as part of her "destructive" economic policy should she win in the upcoming election. Harris campaign spokesman James Singer announced this major proposal on Monday, Aug. 19. Singer told NBC News that Harris would push for the increase of the corporate tax rate, calling it "a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share." "As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability and dignity," Singer wrote in an email. According to the news outlets, projections from the supposedly nonpartisan Congressional Budget Office claim that just a one percentage point increase in the corporate tax rate corresponds to a $100 billion increase in government revenues over a decade. The said proposal would roll back a big part of former President Donald Trump's signature legislation in 2017 as president, which slashed the corporate tax rate from 35 percent to 21 percent. Steve Cortes, founder of the League of American Workers, turned to X to air his sentiment. "Giant corporations never pay a tax rate even close to the top corporate tax level. They have way too many exemptions, loopholes and tax lawyers. But small businesses do pay this rate and Kamala wants to punish Main Street enterprises even more than she already has!" he wrote. Harris' recent proposal is in line with President Joe Biden's budget proposal for the fiscal year 2025, which was released earlier this year and had the corporate tax rate rising to 28 percent. (Related: Kamala promises to impose PRICE CONTROLS on food to "combat inflation" – will lead to empty shelves and famine.) Meanwhile, Trump said he would cut taxes even further if elected president, including on businesses. At a recent press conference, Trump predicted that Democrats will be "under tremendous pressure" to renew his expiring tax cuts next year and "if the Democrats don't renew them or make it impossible to renew, it would destroy the economy."

Harris' economic agenda bound to fail

For the Economist, Harris' economic agenda of lowering costs seemed ideal but the truth is she is embracing self-defeating economics. According to the news outlet, Harris' cost of living plan may open a new phase in the worrying odyssey. "She aims for four categories of costs: housing; groceries; medical; and taxes. Although some of her ideas are good and helpful, many more would end up weighing on growth and driving up prices, the exact opposite of their intended effect," the report stated. About her central focus, which is housing, Harris has called for the construction of three million new homes over the next four years and wants to provide federal funding and permitting reform to make this happen. For analysts, America is suffering from a shortage of about four to seven million houses, so the additional supply would narrow the gap. Harris promised to crack down on unfair mergers and acquisitions in the food industry. But in reality, it is little more than a restatement of America's existing anti-monopoly policy, the Economist noted. When it comes to the medical elements of her economic agenda, where she wants to bring down the outrageously high medical costs, caps on the cost of insulin (at $35 a month) and out-of-pocket expenses for prescription drugs (at $2,000 a year) risk generating unwanted outcomes. Similar steps by the Biden administration to cap drug costs for seniors are now threatening to cause hefty increases in their insurance premiums. She also said that she would work with states to cancel medical debts. But just canceling debt would only reset the clock for them, with debts once again piling up whenever they need medical attention. KamalaWatch.com has more stories related to the vice president. Watch the video below where Lara Trump talks about why Harris can't be trusted. This video is from the TrendingNews channel on Brighteon.com.

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Harris' economic agenda bound to fail

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