A proposed bump-up in the tax rate was announced by the Democrat ticket’s campaign this week – to 28%, from the current 21%
In announcing the proposed tax hike, the Harris-Walz campaign said it was part of its plan to make sure corporations and billionaires “pay their fair share.” That’s a well-worn weasel term politicians use that is arbitrary, subjective and typically defined by ideological leanings.
The shift in the past years has not been insignificant. New York, for example, has lost nearly 160 companies in the past five years because of choking regulations and state corporate tax rates of up to 7.25 per cent on top of the federal levy. The cost of doing business in the state, including attracting and retaining talent, has fuelled the exodus, mainly to Florida and Tennessee.
Florida and Texas, which are the fast-growing states in the union, would clearly welcome anything that would trigger more migration from north to south or west to east and stoke their already white-hot economic furnaces. The success of these programs has been both a brain-drain and a tax revenue drain for California to the point where its governor, Gavin Newsom, has been considering imposing what amounts to an exit tax on those who leave the state.
Tax State New California Plan Chicago Share Eric Adams Elliott Management Charles Schwab
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Flashback: Radical Democrat Kamala Harris Promised Gun Confiscation In First 100 DaysYeah, no.
Read more »
Kamala Harris 2024 isn’t Kamala Harris 2020Kamala Harris is positioning herself as more of a moderate in 2024 than she was during the 2020 presidential race. Here are four key differences.
Read more »
10 things to do in Calgary this weekend (July 26-28)Ten things happening around Calgary.
Read more »
What's happening in Ottawa this weekend: July 26-28The world's biggest bouncy castle, the Ottawa Redblacks, the Ottawa Titans, professional golf and the 30th anniversary of Ottawa Chamberfest are just some of the things happening in Ottawa this weekend.
Read more »
Barbu breaks 28-year-old Canadian record in 100-metre freestyle para multi-classTORONTO — Marian Barbu’s morning swim in the men’s 100-metre freestyle para multi-class on Friday broke a Canadian record that had stood since 1996.
Read more »
Barbu breaks 28-year-old Canadian record in 100-metre freestyle para multi-classTORONTO — Marian Barbu’s morning swim in the men’s 100-metre freestyle para multi-class on Friday broke a Canadian record that had stood since 1996.
Read more »