Kamala Harris Proposes Raising Corporate Tax Rate to 28% Reuters

By Trevor Hunnicutt

WASHINGTON (Reuters) – U.S. Vice President Kamala Harris is proposing to raise the corporate tax rate to 28 percent from 21 percent if she wins the November election against Republican rival Donald Trump, her campaign said on Monday.

Harris campaign spokesman James Singer said the move would be part of a “fiscally responsible way to put money back into the pockets of working people and make sure billionaires and big corporations get their I pay my fair share.”

When Trump was president, he cut the corporate tax rate to 21 percent from 35 percent and implemented other tax cuts that are set to expire next year. Trump has promised to make the cuts permanent.

The Committee for a Responsible Federal Budget, a nonpartisan advocacy group, said Monday that Harris’ proposal to raise the corporate tax rate to 28 percent would cut the U.S. deficit by $1 trillion over a decade.

Changes to the US tax code require approval by Congress. Democrats and Republicans are in a tight battle for control of the Senate and House of Representatives, both in the Nov. 5 election.

Harris, a Democrat, has pledged to uphold President Joe Biden’s promise not to raise taxes on people making $400,000 or less a year.

In an economic policy speech last week, Harris outlined proposals to cut taxes for most Americans, ban “price gouging” by retailers and build more affordable housing as part of the “economy of opportunity” that he plans to pursue if he wins the White House.