US Vice President Kamala Harris, during her campaign on the first day of the Democratic National Convention in Chicago, on Monday, 19 August 2024, said that she will increase the corporate tax rate from 21% to 28%.
However, Harris has committed to not changing current US President Joe Biden’s promise to not increase taxes on individuals earning USD 400,000 or less annually.
Harris is running for the 2024 United States presidential election against Republican nominee Donald Trump. During Trump’s presidency, the corporate tax rate was reduced from 35% to 21%, which expires next year.
Trump has vowed to make these tax reductions permanent if elected President.
The Committee for a Responsible Federal Budget stated that raising the corporate income tax to 28% under Harris’ proposal could decrease the US deficit by USD 1 trillion over the next decade.
“As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” campaign spokesperson James Singer said in a statement. “Her plan is a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
Any modifications to the US tax code require congressional approval.
