Reply to Harris tax plan - raising taxes on high earners

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm tired of blue states supporting red states. I am fine paying more taxes to make the world more liveable, to ensure national security, climate, abortion rights and education. I hate that red states benefit more from taxes than blue states, and yet refuse to support democrats because 'taxes.' who do they think pays for medicare, medicaid, their SSDI benefits, and other programs?

Then again pitting people against each other over federal income taxes is a great way to hide the fact that our corporations are making a killing, with ceos making in the 10s, ,100s of millions a year and not paying their share of taxes. Like, if corporations actually paid anywhere near the corporate tax rate we could cut taxes for individuals and increase spending.  SO Harris increasing corporate tax rate is whatever, what really needs to happen is to enforce the tax laws that already exist.

https://www.investopedia.com/financial-edge/0512/how-large-corporations-get-around-paying-less-in-taxes.aspx

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You should read the Dem plan. There are several proposals to address the issues in your second paragraph beyond just raising the corporate tax rate.

“ Because the vice president supports the Biden budget’s tax hikes, Ms. Harris has also endorsed raising a tax on stock buybacks to 4 percent from 1 percent. Democrats first approved the stock buyback tax in 2022 as part of the Inflation Reduction Act. The legislation also requires big companies to pay taxes worth at least 15 percent of the income they report to investors. The goal of the new minimum tax is to curb companies’ ability to use deductions and tax credits to shrink their tax liability to as low as zero. Mr. Biden’s budget — and now Ms. Harris’s presidential campaign — calls for increasing that minimum tax to 21 percent from 15 percent.

In his budget, Mr. Biden also put out an overhaul of how multinational companies’ foreign earnings are taxed in the United States. The goal is to bring the United States into compliance with an international agreement that aims to stop companies moving into low-tax jurisdictions to avoid paying taxes. Mr. Biden’s budget calls for increasing and reorganizing a global minimum tax. Under the plan, the tax would be assessed on income in each individual country where the company operates, rather than on its global profits overall. The rate would double to 21 percent from 10.5 percent.

The budget Ms. Harris has now adopted also disallows companies from deducting the compensation of all employees making more than $1 million.”

https://www.nytimes.com/2024/08/22/us/politics/kamala-harris-tax-plan.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb

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I’m sure this will all be great for the economy.  [/quote]

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