Young Research & Publishing Inc.

Investment Research Since 1978

Disclosure

  • About Us
    • Contributors
    • Archives
    • Dick Young’s Safe America
    • The Final Richard C. Young’s Intelligence Report
    • You’ve Read The Last Issue of Intelligence Report, Now What?
    • Dick Young’s Research Key: Anecdotal Evidence Gathering
    • Crisis at Vanguard
  • Investment Analysis
    • Bonds
    • Currencies and Gold
    • Dividend Investing
    • ETFs & Funds
    • Investment Strategy
    • Retirement Investing
    • Stocks
    • The Efficient Frontier
  • Investment Counsel
  • Dynamic Maximizers®
  • Retirement Compounders®
  • Free Email Signup

Even Democrats Don’t Want Kamala Harris to Bring Back the Bad Old Days of Taxation

August 2, 2019 By Jeremy Jones, CFA

Senator Schumer speaks about the importance of equality at the It Gets Better press conference. Photo provided by the office of Senator Chris Coons.

Democrats currently vying for the party’s presidential nomination are unveiling their plans for government. Many of the plans include an idea known as “Medicare for All.” Senator Kamala Harris from California has released her own “Medicare for All” plan, and to pay for it, her plan would raise taxes domestic and offshore profits at the same rate. The idea could be opposed by Harris’ own party leadership, as Senate Minority Leader Chuck Schumer and House Ways and Means Committee Chairman Richard Neal helped end the practice. Bloomberg’s Laura Davison reports:

That could face resistance within her own party, because it would unwind one of the few parts of the 2017 Republican tax law that Democrats helped develop, even as it may resonate with voters who want to see corporate America pay more taxes.

The tax overhaul passed without any Democratic votes and largely no input in the drafting. But prominent Democrats — including Senate Minority Leader Chuck Schumer and House Ways and Means Chairman Richard Neal — had in the years before that pushed to make it easier for U.S. companies to operate globally, a change that Republicans ultimately included in their 2017 tax law.

‘Territorial System’

The overhaul cut the corporate tax rate to 21% and moved toward a so-called “territorial system” under which companies pay the U.S. banner rate on domestic profits only. The law included a minimum tax so corporations operating in low or no-tax countries still pay some tax on their earnings.

Democrats say they would have backed a higher rate — more like 28% — but the underpinnings mirror a bipartisan international tax plan Schumer and Senator Rob Portman, an Ohio Republican, released in 2015. Democrats say they opposed the law because it cut taxes too much for corporations and the wealthy and didn’t do enough for middle-income earners.

“As the importance of success in foreign markets has grown, the United States has become less competitive abroad because of its worldwide system of international taxation,” Schumer and Portman wrote in their 2015 report. “No matter what jurisdiction a U.S. multinational company is competing in, it is competing at a disadvantage.”

Read more here.

Share this:

  • Email
  • Twitter
  • Facebook

You Might Also Like:

  • Bad Blood
  • The Best States for Retiree Taxation
  • Have Democrats Killed the Trump Bump?
  • Author
  • Recent Posts
Jeremy Jones, CFA
Jeremy Jones, CFA, CFP® is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Richard C. Young & Co., Ltd. was ranked #5 in CNBC's 2021 Financial Advisor Top 100. Jeremy is also a contributing editor of youngresearch.com.
Latest posts by Jeremy Jones, CFA (see all)
  • Is the Great Job Boom Over? - June 24, 2022
  • Will ESG Do to Steel Prices What It Did to Gas Prices? - June 23, 2022
  • Apple Shares Resilient in the Face of Recession - June 22, 2022

Search Young Research

Most Popular

  • Will the Fed Stick to Its Course?
  • RECESSION? Dow 25,000, $8 Gas, Rising Interest Rates, Spell Mid-term Crack Up
  • Investing During a Recession
  • Swiss National Bank Surprises World with Rate Hike
  • Kellogg Cuts Loose with Split Plan
  • The Power of a Compound Interest Table
  • MONEY TALKS: The Best Service in Paris
  • Predictions of MEGA-SPENDING on Metaverse
  • Apple Shares Resilient in the Face of Recession
  • Vanguard Wellesley (VWINX) vs. Wellington (VWELX): Which Fund is Best?

Don’t Miss

Default Risk Among the Many Concerns with Annuities

Risk and Reward: An Efficient Frontier

How to be a Billionaire: Proven Strategies from the Titans of Wealth

Could this Be the Vanguard GNMA Winning Edge?

Cryptocosm and Life After Google

Warning: Avoid Mutual Fund Year End Distributions

Is Gold a Good Long-term Investment?

How to Invest in Gold

Vanguard Wellington (VWELX): The Original Balanced Fund

What is the Best Gold ETF for Investing and Trading?

Procter & Gamble (PG) Stock: The Only True Dividend King

The Dividend King of the North

You’ll Love This if You’re Dreaming of an Active Retirement Life

RSS The Latest at Richardcyoung.com

  • Greetings From Paris & Le Bristol Hotel
  • The Most Controversial Restaurant in Paris?
  • Your Survival Guy: Clearing the Decks, Buying a Boat, Seeing the World and More
  • Russia’s “Unsubtle” Artillery Attacks Not Necessarily “Archaic”
  • FLORIDA DODGED A BULLET: Elected Superb DeSantis Over Unstable Gillum
  • Biden, a Job Killing Machine
  • Good News for the 2nd Amendment
  • La Fontaine De Mars: Best Sunday Paris Lunch
  • My 10 Favorite Books about France, Plus a Bonus for You
  • BREAKING: Supreme Court DISMANTLES New York’s Unconstitutional Gun Laws

About Us

  • About Young Research
  • Archives
  • Contributors

Our Partners

  • Richard C. Young & Co.
  • Richardcyoung.com

Copyright © 2022 | Terms & Conditions

 

Loading Comments...
 

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.