In line with the proposals made by President Joe Biden, Vice President Kamala Harris has endorsed a 28 % corporate tax rate as part of her campaign platform.
” As President, Kamala Harris will focus on creating an opportunity business for the middle class that improvements their economic stability, security, and dignity”, Harris plan 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 commitment is for the same 28 % rate that Biden supported in his official budget plan, which was made public through a spokeswoman rather than Harris herself.
Her plan is a financially responsible way to ensure billionaires and huge corporations receive their fair share of the money, according to Singer, in contrast to Donald Trump’s intense Project 2025 agenda, which would increase the deficit, raise taxes on the middle class, and deliver our economy into recession.
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Trump has boasted about lowering the rate in his first word and has suggested that if elected this fall, it might even drop even more.
Biden pledged to overturn the Trump tax breaks and increase the corporate tax rate when he took office. He has n’t been successful in doing so in large part because he lacks a majority in the Senate in favor of tax increases.
