Kamala Harris wants to raise corporate tax rate to 28%

Democratic presidential candidate Kamala Harris is planning to appeal to voters with a pledge to raise the corporate tax rate from 21% to 28%.

Democratic presidential candidate Kamala Harris appeared at the party's national convention on the evening of August 19, drawing cheers from the crowd as she vowed to defeat Republican rival Donald Trump in the November election. Harris plans to appeal to voters by pledging to raise the corporate tax rate from 21% to 28%, which would force billionaires and large corporations to share their huge profits with workers.

Democratic National Convention on the evening of August 19

REUTERS

Harris campaign spokesman James Singer said the corporate tax hike from 21% to 28% was part of an effort to “put money back in the pockets of working people” and ensure billionaires and big corporations share in the huge profits. In her economic policy speech last week, Kamala Harris outlined proposals to cut taxes for most Americans, ban unreasonable grocery store prices and pledge to build more affordable housing if she wins the election. Harris’s corporate tax hike is expected to reduce the US deficit by $1 trillion over a decade. However, changes to US tax law would need to be approved by Congress. Democrats and Republicans are locked in a fierce battle for control of the Senate and House of Representatives. Harris also pledged to uphold President Joe Biden's promise not to raise taxes on people earning $400,000 a year or less. When Trump was president, he cut the corporate tax rate from 35% to 21% and implemented other tax cuts. These measures are set to expire next year. In his latest speech, Trump announced his economic policy. Accordingly, he pledged to repeal the Biden administration's regulations on power plant pollution. In addition, he also reiterated his commitment to restrict foreign access to the domestic market and ensure 100% of essential goods are American if he wins the presidential election on November 5. Notably, Trump said he would consider canceling the $7,500 tax credit for buying electric vehicles and even invite billionaire Elon Musk to join his administration.

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