Apr 07, 2021 1 min, 33 secs

Ambitious in scope by any means, the Made in America Tax Plan would raise the corporate tax rate from 21 to 28 percent, establish a sort of alternative minimum tax for high-earning corporations and attempt to close loopholes around offshoring profits.

A recent survey by data firm Morning Consult found that roughly 60 percent of American adults think companies should be paying more in taxes — and nearly one-third of those say they “strongly agree” with higher corporate taxes.

corporate tax rate would be higher than the average statutory tax rate of 23.51 percent among Organization for Economic Cooperation and Development nations.

State taxes could push the effective rate even higher, some policy experts said.

“Increasing the rate to 28 percent, when combined with state corporate taxes, would lead the combined U.S.

Advocates who want to see the Tax Cuts and Jobs Act wholly or partially reversed, though, argue that these percentages are moot because even after the Tax Cuts and Jobs Act lowered corporate taxes to 21 percent in 2017, many companies pay far less than that — if they pay anything at all.

Critical Senate swing vote Joe Manchin, D-W.Va., has said he doesn’t want the corporate tax rate to be raised higher than 25 percent, and Republicans have been united in their opposition.

Even with this higher floor, the Treasury report makes the argument that the tax plan “reorients corporate tax revenue toward historical and international norms.” Supporters of the Tax Cuts and Jobs Act, which slashed the corporate tax rate from 35 percent to 21 percent in 2017, contend that paying more into federal coffers robs companies of cash they would otherwise spend on capital investment, wage gains and other activities that facilitate economic expansion.

tax rate to 21 percent would induce American companies to move profits back onshore, but this didn’t solve the fundamental problem, said Bill Smith, managing director of the national tax office for CBIZ MHM.

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