She plans/proposes a 33% increase in corporate income taxes. I'm certain that this will encourage American companies to invest and increase their domestic footprint. It will also lead more foreign companies to pour more money into America. After all, higher costs on a world market is aways a benefit for companies.
Go Kamala.
PJ, please explain how this tax increase will increase government revenues. Sure, in the short run it's a winner, but what does it do to corporate investment within the long run. Such policies on the rich in California are proving my point. Raising taxes on America's companies is a long term loser for employees and America.
Record number of companies in this country pay no federal income taxes thanks to Trump's self-serving tax law. And thats also a big reason for the deficit.
Ask Boilerman to give you his lecture about "Free Shit". Its pretty hilarious given his support for Trump's tax code.
Trump irresponsibly cut corporate taxes by 40%.
It's a big reason why Trump inflated our national debt by a whopping $7.8 trillion.
Trump approved $8.4 trillion in new ten-year borrowing.
By comparison, Biden thus far has approved far less, $4.3 billion.
crfb.org/papers/trump-and-biden-national-debt
Good on Harris for proposing to restore half of those corporate taxes.
Her proposal will help our nation reduce our deficit, a goal we should all share.
Originally posted by: PJ Stroh
Record number of companies in this country pay no federal income taxes thanks to Trump's self-serving tax law. And thats also a big reason for the deficit.
Ask Boilerman to give you his lecture about "Free Shit". Its pretty hilarious given his support for Trump's tax code.
Why did government revenues climb dramatically under Trump. I'll tell you why. Companies become more competitive in the world market. The spent more on building plants and they hired people.
PJ, why does increased cost of doing business in a US business encourage investement. You already dodged this once.
Originally posted by: Boilerman
PJ, please explain how this tax increase will increase government revenues. Sure, in the short run it's a winner, but what does it do to corporate investment within the long run. Such policies on the rich in California are proving my point. Raising taxes on America's companies is a long term loser for employees and America.
Corporate income taxes were, for almost a century, more than double what they are now. There was no lack of domestic or foreign investment.
Boiler you are wrong about her proposal. She plans to raise the corporate income tax back to 28%. Trump lowered those numbers from the then existing 35% rate down to 21%. A 28% tax rate isn't going to drive legitimate business away. For those businesses that flee, cut off their access to the American judicial system and make them pay for any services they consume such as police coverage, fire coverage, roads, infrastructure improvements and so on. That would make them think hard about leaving.
Contrast this with Trump who is promising to cut corporate income tax even more. Make no mistake about it Trump will add a record amount to the national debt in a second term as he did in his first.
https://www.nbcnews.com/politics/2024-election/harris-proposes-raising-corporate-tax-rate-28-rolling-back-trump-law-rcna167208
If anything I think her proposal is too modest.
Originally posted by: Boilerman
Why did government revenues climb dramatically under Trump. I'll tell you why. Companies become more competitive in the world market. The spent more on building plants and they hired people.
PJ, why does increased cost of doing business in a US business encourage investement. You already dodged this once.
Boy, did you ever drink the Kool-aid. They spent their newly bloated profits on share buybacks. Corporate reinvestment and expansion were less than 30 percent compared to the Obama years.
Government revenues DECLINED drastically under Trump. That's why the deficit increased by trillions.
Idiot!
Originally posted by: Boilerman
Why did government revenues climb dramatically under Trump. I'll tell you why. Companies become more competitive in the world market. The spent more on building plants and they hired people.
PJ, why does increased cost of doing business in a US business encourage investement. You already dodged this once.
Wrong. Tax Revenues from corporations went DOWN. Total Government revenues went up. Fantastic. they went up 8 years prior to Trump under Obama...and pretty much every administration for the last 50 years. Thats called inflation, population growth, and the tech revolution.
The biggest hits to our debt since the turn of the century have been changes to the tax code as ushered in by Bush and Trump....and unpaid wars.
The effective corporate rate before Trump was 20% which is in line with the rest of the industrialized world. Now its in the low teens. I would have been fine with Trump issuing a flat rate of 20% for corporations and getting rid of the write downs. But he kept all the write downs....its just now you start writing down from 20% instead of 35%. Kamala wants it at 26% ? Whoop-de-do. The effective rate will still be in the teens,
You know that make America great AGAIN thing. I always ask Trumpers what year(s) America was great, and they always answer with a year when the corporate and marginal personal tax rates were much, much higher.
Care to give it a shot Boilerman? What year?
