U.S. Vice President Kamala Harris plans to raise the corporate tax rate to 28% from 21% if she wins the November election against Donald Trump, according to her campaign. Campaign spokesperson James Singer stated that this measure is intended to ensure that “billionaires and big corporations pay their fair share” while benefiting working people.
During his presidency, Trump reduced the corporate tax rate from 35% to 21% and introduced other tax cuts set to expire next year. He has pledged to make these cuts permanent.
The Committee for a Responsible Federal Budget, a nonpartisan group, estimated that Harris’ proposal could reduce the U.S. deficit by $1 trillion over a decade.
Any changes to the tax code would require congressional approval, with both the Senate and the House of Representatives in tight contests this November. Harris has also promised not to raise taxes on individuals earning $400,000 or less and has outlined plans to cut taxes for most Americans, ban grocery price gouging, and build affordable housing.
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