Should the Federal Corporate Income Tax Rate Be Raised?

“The [Fiscal Year 2024] Budget includes an increase to the rate that corporations pay in taxes on their profits. Corporations received an enormous tax break in 2017, cutting effective U.S. tax rates for U.S. corporations to a low of less than 10 percent. While their profits have soared, their investment in the economy did not. Their shareholders and top executives reaped the benefits, without the promised trickle down to workers, consumers, or communities. The Budget would set the corporate tax rate at 28 percent, still well below the 35 percent rate that prevailed prior to the 2017 tax law.”

Editors’ Note: Biden also championed an OECD initiative to establish a 15% minimum global corporate tax rate.

“How exactly is Mr. Kennedy going to cut inflation? [Among other actions, he will] … Reduce government deficits that inflate the money supply, by cutting defense spending and corporate giveaways, and making big corporations pay their fair share of taxes.”