Vice President Kamala Harris has advocated a 28% corporate tax rate in her presidential campaign platform, in line with President Joe Biden’s proposals.
“As president, Kamala Harris will focus on creating an economy of opportunity for the middle class that strengthens their economic security, stability and dignity,” said Harris campaign spokesman James Singer.
Republicans cut the corporate tax rate from 35% to 21% in 2017, and Harris promised to reinstate the 35% rate in her failed 2020 presidential bid. The new pledge, announced like others not by Harris herself but through a spokesperson, is equivalent to the 28% rate that Biden supported in his official budget proposal.
“Unlike Donald Trump, whose extreme Project 2025 agenda would increase the budget deficit, raise taxes on the middle class by $3,900 and plunge our economy into recession, their plan is a fiscally responsible way to put money back in the pockets of working people and ensure that billionaires and major corporations pay their fair share,” Singer said.
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Former President Donald Trump has boasted about cutting the tax rate during his first term and has talked about cutting it even further if elected this fall.
Biden came into office promising to repeal the Trump tax cuts and raise the corporate tax rate, but he failed to do so, largely because he lacked a majority in the Senate that supported tax increases.
