America’s corporate tax rate is where it should be.

Harris has made her progressive economic policies clear. criticize In compliance with the Tax Cuts and Jobs Act (TCJA), we are committed to: increase The corporate tax rate will be 28%. To further muddy the waters, some populist-minded Republicans also looking for A potential source of revenue is to raise former President Donald Trump’s signature 21% corporate tax rate.

The corporate tax rate enacted in 2017 is in jeopardy. Who controls the White House and Congress in November will determine the fate of the TCJA and the fate of businesses and workers. After all, a tax system is only as durable as the political majority that creates it. If the election results in a divided government, the path forward will depend on cooperation between Republicans and Democrats.

But of all the tax increases to consider, a pro-growth corporate tax rate should be last on the list. Promoting business investment across the country has proven to be the number one catalyst for jobs, wages, and growth in the U.S. economy.

Let’s look at the facts.

GDP growth rate after passage of TCJA increased rapidlywhich beat the Congressional Budget Office’s forecast by 1 percentage point. This is not surprising, as many studies have found that reducing corporate tax rates is effective. increase economical growth.

Corporate tax reduction and other important provisions include: boosted Domestic investment increased by 20% and $2.5 trillion in foreign earnings returned. of Tax Policy Center reports that the 2017 law ended an alarming trend of companies fleeing the United States to seek better tax treatment overseas. Since the TCJA lowered corporate tax rates and eliminated penalties for repatriating foreign income, corporate out-migration for tax purposes has been reduced to zero, preserving jobs and income in the United States. Workers benefit from a more competitive corporate tax system, paying 4.9% of wages increase Within 2 years.

In fact, the real median household income is increased It increased by $6,160 in 2018 and 2019 after the enactment of the TCJA. This is more than the previous 10 years combined. In particular, many groups that have historically been economically disadvantaged in the labor market benefited from the strong economy. of unemployment rate Rates for African Americans (5.3%), Hispanics (3.9%) and people with less than a high school education (4.8%) fell to their lowest levels since data were first recorded.

Raising the corporate tax rate would undoubtedly wipe out these gains. Based on the numbers of Ministry of FinanceBy 2034, a 28% corporate tax rate would impose a $498 billion increase in taxes on households earning less than $310,000 a year, according to the Bureau of Tax Analysis.

The reality is that job and wage growth depends on the health of the private sector.

Raising the corporate tax rate and forcing companies to pay a so-called “fair share” is the economic equivalent of cutting off your nose to spite your face. It is estimated that US companies paid 80% of the lower tax rate through the TCJA reforms, which raised the tax base. In fact, corporate tax revenue Today was higher than expected The current tax rate will be 35%.

Although some policymakers want to raise the corporate tax rate, the current combined federal and state statutory corporate tax rate is 25.6%, which is still nearly two percentage points higher than the state average. Organization for Economic Co-operation and Development(OECD) member countries.

The 21% corporate tax rate encourages domestic and foreign companies to invest and hire workers in the United States. Elected officials should not retreat from proven economic policies. TCJA is no exception.

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