Do You Want to Pay More Taxes?

 The liberty principle for this Freedom Friday is the simple fact that the government should keep the tax rate low to encourage more work and more production. However, Kamala Harris plans to raise the corporate tax rate if elected as President of the United States, while Donald Trump plans to cut the corporate tax rate if he returns to the Oval Office.

Whoever is elected to be the next POTUS will have a deadline to meet by the end of 2025, or Americans in all states will face a tax increase. According to Christina Lewis, Americans for Prosperity, “a grassroots organization that seeks to transform policy around the country,” did a recent survey that found – surprise, surprise – “most Americans oppose tax increases.” The survey was conducted in September by polling company Public Opinion Strategies by which 1,000 likely voters were asked for their views about taxes. Some of the key findings are: 

·         The Tax Cuts and Jobs Act, passed by Congress and signed into law by Trump in 2017, expires at the end of next year, but only 40% of voters say they have heard a lot or heard some about portions of the law.

·         Fully 52% of voters said they support increasing corporate tax rates, while 48% said they oppose it.

·         A majority of voters said they believe that raising the corporate tax rate from 21% to 28% would hurt small businesses, consumers, and middle-class families.

Lewis shared other “poll finding that voters would see failure to extend the 2017 tax cuts as a tax increase and that, out of five groups and sectors, voters said a tax increase would hurt middle-class families the most.”

As stated above, Trump has indicated that “he supports extending the tax cuts as one of the landmark accomplishments of his four-year term as president.” On the other hand, Harris has said that she supports “increasing the corporate rate from 21% to 28% to pay for some of the expanded government programs she’s proposed.” In addition, she “took aim at the Tax Cuts and Jobs Act” when “60 Minutes” correspondent Bill Whitaker pressed her about how she would pay for her proposals.