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Tax Foundation said in late September that the Harris-Walz campaign’s proposed tax rate would harm workers in every state.
One of Vice President Kamala Harris’ proposals for her potential future presidency is to raise corporate income tax rates from 21% to 28% or even as high as 33%, according to the Tax Foundation. Harris believes the hike is “a fiscally responsible way to put money back in the pockets of working people” despite most of the increases actually falling on the paychecks of low-wage workers. (POLL: Do You Believe The Government is Doing Enough To Support Small Businesses?)
“For example, analysis by the Alliance for Competitive Taxation (ACT) finds that the tax increase would reduce average wages by as much as $597 per US worker each year. In some states, the drop in wages would exceed $700 per worker,” Tax Foundation noted.
Who Else Is Harmed?
Along with low-wage workers, most data from expert economists shows a decades-long trend in corporate tax hikes hurting innovation due to reduced investment, meaning lower productivity, wages, and fewer job opportunities within the market. Labor accounts for a majority of the hurt, but shareholders and pension account owners are also significantly harmed.
Consumers will also bear the brunt of such tax hikes. As well as passing off these costs to low-wage workers, the Harris proposal means the already soaring price of goods will continue its upward trajectory. (TAKE A POLL: Do You Feel That Your Basic Needs (Food, Shelter, and Safety) Are Adequately Met?)
“Harris’s proposal to raise the corporate tax rate by 33 percent would be a costly mistake, with a large part of the cost falling on workers in the form of lower wages and fewer jobs. When considering options to pay for various initiatives, the Harris campaign should look for alternatives less harmful to workers,” Tax Foundation concluded.
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