NATION: Today, the report of an adjusted race rate has been announced as the next step in corporate tax rates as established by Candidate for President Vice President Kamala Harris. The recently developed tax proposal targeting U.S. taxpayers earning $100 million or more includes several key elements:
By Michelle Crawford-Sapen
Households with a net worth over $100 million would be required to pay a minimum tax rate of 25% on an expanded definition of income, which includes unrealized capital gains.
A new annual wealth reporting system would be implemented for these high-net-worth households.
Along with a Corporate Tax Rate Increase, the business holder’s income tax rate would be raised to 28%. The scheduled rates change is expected to have significant economic impacts, including a reduction in long-run GDP by 0.6%.
Overall, the economic impact associated with the proposed tax changes are expected to be essentially beneficial. The proposed tax bill is estimated to reduce long-run GDP by 1.6%, wages by 1.1%, and employment by about 666,000 full-time equivalent jobs.
These measures are part of a broader effort to increase tax revenue and address economic inequality.
Comments