Harris proposes raising corporate tax rate to 28 percent

Vice President Harris is proposing to raise the corporate income tax rate to 28 percent as the Democratic National Convention kicks off in Chicago.

“As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” Harris campaign spokesperson James Singer told The Hill.

Harris has been fleshing out her policy platforms and positions in the run-up to the convention, having jumped into the race just last month after former President Biden bowed out amid concerns about his age and mental acuity, endorsing his vice president.

Last week, Harris laid out a series of economic proposals including attacking corporate “price gouging,” and raising the corporate tax rate would bring in additional revenue to pay for some of her ambitious policy proposals.

According to a 2018 estimate by the nonpartisan Congressional Budget Office, each 1 percent increase to the corporate tax rate would increase revenues by nearly $100 billion over a decade.

The proposal, first reported by NBC News, draws a sharp contrast with former President Trump.

Under the former president’s signature 2017 tax cut legislation, the corporate tax rate was slashed to 21 percent from 35 percent. 

Trump floated further cutting the corporate tax rate to 20 percent in June during a closed-door Business Roundtable event with some of the country’s most powerful executives.

“Unlike Donald Trump, whose extreme Project 2025 agenda would drive up the deficit, increase taxes on the middle class by $3,900, and send our economy spiraling into recession — 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,” Singer said.

Trump campaign spokesperson Karoline Leavitt called Harris’ proposal “a punishment to American companies and workers and another gift from Kamala to China.”

“Kamala’s plan will hurt American companies that are already suffering from Kamala’s record-high inflation and energy prices, forcing them to lay off workers here at home to seek cheap foreign labor overseas,” Leavitt said

Updated on Aug. 20 at 11 a.m.