House Democrats Consider 26.5% Corporate Tax Rate

[applegrove]

House Democrats Consider 26.5% Corporate Tax Rate

September 12, 2021 at 7:47 pm EDT By Taegan Goddard 34 Comments

https://politicalwire.com/2021/09/12/house-democrats-consider-26-5-corporate-tax-rate/

"SNIP.......

“House Democrats expect to propose raising the corporate tax rate to 26.5% from 21% and imposing a 3-percentage-point surtax on individual income above $5 million,” the Wall Street Journal reports.

“The tax increases would be part of the House Ways and Means Committee’s plans to pay for the party’s priorities in a fast-moving budget bill. Those items include an expanded child tax credit, a national paid-leave program and renewable-energy tax breaks.”

“House Democrats also are considering raising the minimum tax on U.S. companies’ foreign income to 16.5% from 10.5% and increasing the top capital-gains tax rate to 28.8% from 23.8%. Lawmakers are also expected to raise money by expanding Internal Revenue Service enforcement and might include other tax increases on corporations and high-income individuals.”

......SNIP"

[OAITW r.2.0]

1. 25 or 30%

I pay about 30%, so should all corps on their profits.

[OrangeJoe]

5. Self Employed

When I ran my own business I paid both parts of my Social Security or 15.3% on EVERYTHING I made. (As an employee you, too pay your SS on everything you make, it's just that your employer pays 7.65% and you match it.) Add to that the 15% on income over the standard deduction, state sales tax & property taxes. Meanwhile the capital gains tax is ZERO on the first $80,000. Social Security taxes are only paid on earned income and the tax code correctly defines capital gains, dividends and interest as Unearned income cause you didn't do squat to earn it! That's right, some trust fund guy/gal pays zilch on the first 80k and 15% on everything over that up until 1/2 million. This needs to change and it looks like ol' Joe Biden is going to do it.

[LetMyPeopleVote]

3. Yeah

Link to tweet

[Hekate]

4. Godspeed, Dems, and good luck

[BigmanPigman]

6. Does anyone know the corporate tax rate in the 1950s?

[monkeyman1]

7. type in - 1950's corporate tax rate -u.s. ( Google)

[Scrivener7]

9. I think the rate on the highest tranch was over 90%.

That was in the good old days they are always extolling.

[Amishman]

16. With loopholes big enoughyou could throw Trump's fat ass through them

If I recall the effective tax rates back then were comparable to what we had before Trump's plundering.

[Fullduplexxx]

8. 1950 First $25,000 (Normal Rate) 23 Over $25,000 (Add Surtax of 19%) 42 Excess Profits Tax 30

1950 First $25,000 (Normal Rate) 23
Over $25,000 (Add Surtax of 19%) 42
Excess Profits Tax 30

[bucolic_frolic]

10. Trickle down was first conceived about 1820 in Britain

Sort of like pre-Dickensian times. So I'm reading in an essay by Rex Tugwell, one of the FDR brain trust. The concept was refloated in the 1880s, and post WWI by the most prominent Republican bankers. In times of hardship they wanted to take care of the rich to help the poor (or so they thought and said), but not help the poor directly. Rewarding capital, corporations, the rich, instead of people has a long tradition.

https://www.journals.uchicago.edu/doi/10.1086/290909

[malthaussen]

11. Ya know, it's insulting how low those %ages are...

... but the pigs squeal nevertheless.

-- Mal

[Wounded Bear]

12. K & R...a bit low, but I'll take it...nt

[seta1950]

13. No

Make it 30%, as they have not paid their fare share so far

[NCjack]

14. OMG !!! Can the millionaires afford it? They would have to:

1. give up one lover.
2. buy American cars.
3. reduce the size of their mansions by 1 bedroom and 1 bathroom.
4. vacation less in Europe and more USA

[Evolve Dammit]

15. Too low. Does not begin to go far enough.