On Monday, Vice President Kamala Harris launched the Democratic National Convention by proposing an increase in the corporate tax rate. Her campaign confirmed that the plan aims to raise the tax rate for large corporations from 21% to 28%. This move is described as a “fiscally responsible” way to support working families and ensure that billionaires and large businesses contribute their fair share.
Campaign spokesperson James Singer highlighted Harris’s commitment to the middle class. He stated, “As President, Kamala Harris will create an opportunity economy. She will enhance economic security, stability, and dignity for the middle class.” According to the nonpartisan Congressional Budget Office, this tax hike could generate hundreds of billions of dollars.
Harris’s proposal outlines her approach to governance if elected. It includes funding strategies for her recent initiatives, such as expanding the child tax credit. Also making homeownership more affordable, and reducing medical debt.
This plan also seeks to reverse the 2017 tax cuts enacted during former President Trump’s administration, which lowered the corporate tax rate from 35% to 21%.
In response, Trump reaffirmed his intention to reduce taxes further. Speaking at a campaign event in York, Pennsylvania, he said, “Our plan will massively cut taxes. I gave you the best tax cut in history.” He promised additional tax cuts if re-elected.
Harris is advocating for higher corporate taxes and Trump pledging more tax cuts, this remains a key issue on the oncoming elections.
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