U.S. Vice President Kamala Harris announced her plan to raise the corporate tax rate from 21% to 28% if she wins the upcoming presidential election against Republican rival Donald Trump. Harris, a Democrat, reaffirmed her commitment to maintaining President Joe Biden’s pledge not to increase taxes on individuals earning $400,000 or less annually.
James Singer, a spokesperson for the Harris campaign, stated that the proposed tax hike is part of a strategy to reduce the U.S. deficit by $1 trillion over the next decade while ensuring that billionaires and large corporations contribute their fair share. The move would reverse the tax cuts implemented by Trump during his presidency, which reduced the corporate tax rate from 35% to 21%.
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