Harris proposes 28% corporate tax rate, bringing her in line with Biden
Vice President Kamala Harris has endorsed a 28% corporate tax rate as part of her presidential campaign platform, bringing her in line with proposals from President Joe Biden.
“As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” Harris campaign spokesman James Singer said.
Republicans cut the corporate tax rate from 35% to 21% in 2017, and Harris promised to restore the 35% rate in her failed 2020 run for president. The new pledge, which like others was announced through a spokesperson rather than by Harris herself, is for the same 28% rate that Biden supported in his official budget proposal.
“Unlike Donald Trump, whose extreme Project 2025 agenda would drive up the deficit, increase taxes on the middle class by $3,900, and send our economy spiraling into recession – her plan is a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share,” Singer said.
Former President Donald Trump has bragged about cutting the rate during his first term and has talked of lowering it even further if elected this fall.
READ MORE FROM FOR A FREE AMERICA
Biden came into office pledging to repeal the Trump tax cuts and raise the corporate tax rate. He hasn’t been successful in doing so, in large part because he lacked a Senate majority that favored tax hikes.
Well it’s a good thing she can’t do it by executive order. She will need to have control of both Houses to do that.