Sanders Sets Higher Corporate Taxes Than Rivals: Campaign Update
Bernie Sanders would raise taxes on corporations by almost $4 trillion, generating more revenue than any other Democratic presidential candidate’s proposal, according to new estimates from the Tax Foundation.
The major Democratic presidential candidates all agree that the 2017 Republican-backed tax overhaul, which lowered the corporate rate to 21% from 35%, went too far. They differ on how much to raise the rate — with proposals ranging from 25% to 35%, plus additional surtaxes and reduced corporate tax breaks that add to the total levy companies would face.
Sanders is proposing a 35% corporate rate and economic depreciation for investments that would raise taxes on corporations by $3.87 trillion over a decade, according to the figures released Wednesday. At the bottom end of the spectrum, Amy Klobuchar’s proposal would impose a 25% rate that would raise $716 billion over 10 years.
Here’s how much revenue the Tax Foundation, a right-leaning policy institute, estimates the candidates’ plans would raise over a decade:
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