The Vice President wants to raise the corporate tax rate from 21% to 28%, which will ultimately be paid by workers.

The Democratic team that brought you declining real wages is now threatening to lower your pay again. That’s the practical effect of Kamala Harris’s idea to raise the U.S. corporate tax rate to 28%, and it’s instructive that an anti-growth tax increase is one of the Vice Ms. Harris’s endorsement Monday of a 28% rate, up from the current 21%, signs onto what President Biden has been proposing. A Harris campaign spokesperson told the press the idea is “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.” That statement wouldn’t survive a polygraph on the economics. President Trump and Congressional Republicans in 2017 lowered the corporate rate from 35%, which was among the highest in the world at the time. U.S. companies during the Obama Administration often moved their headquarters to lower tax climes such as Ireland to avoid the high U.S. tax rate that made them less globally competitive.

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