Raising Corporate Tax Rate to 28% - Harris's Economic Vision
Harris's Proposal to Raise Corporate Tax Rate
Vice President Harris is proposing to raise the corporate income tax rate to 28% as the Democratic National Convention kicks off in Chicago. According to Harris campaign spokesperson James Singer, "As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity."
Economic Context and Justification
By fleshing out her policy platforms, Harris has laid out a series of economic proposals that include targeting corporate price gouging. Increasing the corporate tax rate to 28% is projected to generate significant revenue to finance her ambitious proposals.
Financial Impact
Citing a 2018 estimate from the Congressional Budget Office, each 1% increase in the corporate tax rate could yield an additional $100 billion over a decade. This proposal starkly contrasts with former President Trump's tax policies, which previously slashed the rate from 35% to 21%.
Political Implications
Singer highlighted that "unlike Donald Trump, whose extreme Project 2025 agenda would drive up the deficit and increase taxes on middle-class families, her plan is a fiscally responsible way to ensure billionaires and big corporations contribute their fair share.**
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.