Posted at Hartmann Report on Feb. 19, 2024
Why the Corporate Tax Bracket Should Go Back to 52%
It's time to again tax the rich, be they individuals or giant corporations, to restore the American middle class and return our nation to the vitality that, before the Reagan Revolution, was normal...
Most Americans have a radically incomplete understanding of how taxes work. As a result, changes to the tax code made by Republicans in the years since the Reagan Revolution have done real damage both to the American economy, working class people, and to the vibrancy and viability of our towns and communities.
Just like the debates around raising personal income tax rates are demagogued by rich people and their shills, there's a world of misinformation around the issue of raising corporate income taxes.
Most of these myths promoted by the morbidly rich exploit the fact that only a tiny fraction of Americans have ever run a business or taken a business course in college, and so most Americans don't have a clue how corporate income taxes work.