Vice President Kamala Harris has announced a proposal to raise the corporate tax rate from 21% to 28% as part of her presidential campaign platform. The announcement came on Monday, coinciding with the start of the Democratic National Convention in Chicago.
Harris’s campaign spokesperson, James Singer, framed the proposal as a fiscally responsible measure aimed at benefiting working Americans while ensuring that corporations contribute their fair share. The plan would partially reverse the tax cuts implemented during former President Donald Trump’s administration, which lowered the corporate tax rate from 35% to 21%.
According to the Committee for a Responsible Federal Budget, a nonpartisan advocacy group, Harris’s proposed tax increase could reduce the US deficit by $1 trillion over the next decade. However, the group also estimates that Harris’s overall economic package would cost approximately $1.7 trillion during the same period.
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The corporate tax proposal follows Harris’s recent unveiling of a four-part economic plan that includes tax relief for working and middle-class Americans, a ban on “price gouging” by grocers, and initiatives to increase affordable housing. Harris has committed to upholding President Joe Biden’s pledge not to raise taxes on individuals earning less than $400,000 annually.
In contrast, Trump has expressed intentions to make his previous tax cuts permanent and has suggested potentially lowering the corporate tax rate further to 15%, although he acknowledged the difficulty of achieving such a reduction.
The competing tax proposals highlight a stark policy divide between the two campaigns as they approach the November 5 election. However, any changes to the tax code would require congressional approval, with both the Senate and House of Representatives currently contested.
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