Reply to Harris tax plan - raising taxes on high earners

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[quote=Anonymous][quote=Anonymous][quote]Corporate rates in the US were very high, especially after you add state corporate taxes on top of federal taxes.

The average EU corporate rate is 21.13 percent; across OECD countries it is 23.73 percent. When you combine the 21% federal rate with state level corporate taxes, the U.S. rate is 25.77%. The 2017 rate cuts moved the US from having the fourth highest corporate tax rate in the world at around 35% to the middle of the pack.

Increasing the federal tax to 28% would bring the rate to 32.77% when combined with state tax rates, which would place the US around 10th highest in the world.

https://taxfoundation.org/data/all/global/cor...-country-2023/#_ftn3
 [/quote]

The EFFECTIVE corporate tax rate, which takes into account all the loopholes and a variety of other measures is far, far from an average of 21%. many companies paid zero! The percentage of tax revenue from corporations has dropped significantly, they are paying less and their shareholders to a certain extent and their CEOs to a greater extent are benefitting.

https://itep.org/corporate-tax-avoidance-trump-tax-law/#:~:text=Special%20breaks%20and%20loopholes%20allowing,provided%20through%20the%20tax%20code.

[/quote]

So?  The effective personal rates are much lower for many people also.

We've paid less than 10% for many years despite making a fair amount of money.

Many personal returns owe zero tax or get money back.
[/quote]

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