Washington, August 19 — U.S. Vice President Kamala Harris has unveiled a plan to increase the corporate tax rate to 28% from the current 21%, pending a victory in the upcoming November election against Republican contender Donald Trump. The announcement came from her campaign on Monday.
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| "Kamala Harris proposes raising the corporate tax rate to 28% to ensure fairness and reduce the deficit." |
James Singer, a spokesperson for the Harris campaign, emphasized that the proposed tax hike aims to "put money back in the pockets of working people and ensure that billionaires and large corporations contribute their fair share." During Trump’s presidency, the corporate tax rate was reduced from 35% to 21%, alongside other tax cuts that are set to expire next year. Trump has committed to making these tax cuts permanent.
The Committee for a Responsible Federal Budget, a nonpartisan organization, estimated that Harris' plan to raise the corporate tax rate to 28% could potentially reduce the U.S. deficit by $1 trillion over the next decade. However, any changes to the U.S. tax code will require Congressional approval. With both the Senate and House of Representatives up for grabs in the November 5 election, the outcome remains uncertain.
Harris, a Democrat, has assured that her administration would uphold President Joe Biden’s commitment not to raise taxes on individuals earning $400,000 or less annually. In a recent economic policy speech, Harris outlined additional proposals, including tax cuts for the majority of Americans, measures to curb "price gouging" by grocery stores, and initiatives to increase affordable housing. These proposals are part of her vision for an "opportunity economy" should she win the presidency.
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