Harris unveiled her progressive economic agenda, sharply criticizing the Tax Cuts and Jobs Act (TCJA) and promising to raise the corporate tax rate to 28%. This shift raises critical discussions about the future of corporate taxes and their impact on businesses and workers.
After the TCJA, GDP growth surged, exceeding forecasts by a full percentage point. Studies show cutting the corporate tax rate drives economic growth, incentivizing business investment and repatriation of earnings.
The TCJA led to a 20% boost in domestic investment and $2.5 trillion in repatriated earnings. The Tax Policy Center notes that the law halted the trend of companies leaving the U.S. for lower tax rates elsewhere.
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