(The Center Square) – The group Americans for Tax Reform is warning that if Vice President Kamala Harris is elected president, and follows through with promised tax cut rollbacks, Wisconsin’s federal-state corporate income tax rate would jump.
“Wisconsin’s all-in 33.7% rate under the Harris plan is higher than China’s 25% rate, higher than the world average rate of 23.5%, higher than the EU average rate of 21% and higher than the Asia average rate of 19.8%,” according to ATR.
Americans for Tax Reform says Harris is looking to raise the corporate tax rate to 28%.
The federal tax rate is currently at 21%. Former President Donald Trump set those rates with his tax cuts back in 2017, and he has said he wants to make those cuts permanent.
Harris said in early August that she wants to raise the corporate tax rate as part of her tax plan, if elected.
A Harris spokesman told Reuters earlier this month Harris is looking to focus her tax policies on benefiting working families, not big companies.
James Singer called her corporate tax package “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
“Not only will the Harris corporate tax rate hike kill jobs, hurt wages, and raise prices even further, it will harm America’s international competitiveness,” Grover Norquist, president of Americans for Tax Reform, said in a statement.
“Even the progressive-left Tax Policy Center estimates that 20% of the burden of the corporate income tax is borne by labor,” Americans for Tax Reform added.
“The Harris corporate tax increase will also raise the cost of utility bills. Electric, gas and water companies subject to the corporate income tax have their billing rates set by the 50 state utility commissions. The commissions are required to build the cost of taxes into the utility rates.”
Wisconsin’s corporate tax rate is currently 7.9%. People in the state also pay a 5% statewide sales tax, and a varying number of local sales taxes.
“While Harris likes to pretend her tax increases only concern the likes of Scrooge McDuck and Rich Uncle Pennybags, everyone gets hit,” the group said in its statement.
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