Sanders Sets Higher Corporate Taxes Than Rivals: Campaign Update
(Bloomberg) -- 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:
(Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)
COMING UP
Democratic presidential candidates will meet for their next debate on Wednesday in Las Vegas. Nevada holds its caucuses on Saturday, and South Carolina has a primary on Feb. 29.
(Disclaimer: Michael Bloomberg is seeking the Democratic presidential nomination. He is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)
To contact the reporter on this story: Laura Davison in Washington at ldavison4@bloomberg.net
To contact the editors responsible for this story: Wendy Benjaminson at wbenjaminson@bloomberg.net, Max Berley, John Harney
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