Corporate Tax Rate Highlights: Harris's Proposal to Increase to 28%
New Proposal for Corporate Tax Rate
CHICAGO — Vice President Kamala Harris is advocating for raising the corporate tax rate to 28%, marking her significant push to generate increased revenues. This proposal aligns with her vision to support the middle class by ensuring that wealthy corporations contribute their fair share.
Impact and Background
Historically, the corporate tax rate was reduced from 35% to 21% under former President Trump. Harris's proposal would not only generate hundreds of billions of dollars, but it also signals a shift towards supporting the financial needs of working individuals amidst ongoing economic plans.
Key Details of the Proposal
- Harris aims to raise the corporate tax rate to promote fiscal responsibility.
- Her position mirrors aspects of President Joe Biden’s latest budget.
- The proposal might face opposition from Republicans, necessitating Democratic support.
Future Implications
This proposal could reignite debates over tax policy, especially as several Trump-era tax cuts are set to expire after 2025. The administration’s approach to these upcoming negotiations will be crucial for both sides.
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.