Vice President Kamala Harris has proposed raising the corporate tax rate from 21% to 28% if she is elected the president of the United States of America in the 2024 presidential elections on November 5. This is her first major plan to raise revenues and finance her expensive presidential pursuits.
Harris’s campaign spokesman, James Singer, told NBC that Kamala is pushing for a raise in the country’s corporate tax. She plans to raise it to 28% from the existing 21%. He called it a “fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.” He also wrote in an email, “As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity.”
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If enacted, this policy can significantly benefit the American economy by raising billions of dollars annually. According to the nonpartisan Congressional Budget Office, every percentage increase in the corporate tax rate corresponds to almost $100 billion over one decade. This will be the exact opposite of former president Donald Trump, who decreased corporate tax rates from 35% to 21% in 2017. Moreover, Trump recently said that he would cut down the corporate tax rate further if he were elected for the second time.
Harris has proposed many expensive plans that will require a lot of capital, like the child tax credit and easing the cost of housing and medical debt. This is her first move to convey to critics how she plans to raise that money. However, she has yet to present the cost estimates of her proposed plans.
