Kamala Harris Wants To Raise Corporate Tax Rate To 28%, Erasing Part Of Trump's Signature Tax Cuts

Vice President Kamala Harris is reportedly calling for an increase to the corporate tax rate that would roll back part of former President Donald Trump's legislation from 2017 that resulted in a significant lowering of corporate taxes.

What To Know: According to an NBC News report, Harris campaign spokesman James Singer said Monday that Harris would push for a corporate tax rate of 28% if elected president in November.

Singer reportedly characterized the move as a “fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”

"As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability and dignity," Singer reportedly said in an email.

The report indicates the planned Harris policy could potentially raise billions of dollars given that the nonpartisan Congressional Budget Office has projected that a 1% increase in the corporate tax rate corresponds to about $100 billion over the course of a decade. It would also roll back much of Trump’s legislation from 2017 that saw the corporate rate cut from 35% to 21%.

See Also: Donald Trump Asks: ‘Why Are We Having An Election?’

Major parts of the 2017 Trump tax cuts are set to expire at the end of 2025. The proposal from Harris’ team firmly pits the vice president against Trump, who recently said he would cut taxes further if reelected.

"Instead of a Biden tax hike, I'll give you a Trump middle-class, upper-class, lower-class, business-class — big tax cut. You're going to have the biggest tax cut,” Trump reportedly said at a rally in Wildwood, New Jersey in May.

Harris has been slowly unveiling plans for her vision as the next potential president as the Democratic National Convention kicks off this week. The 28% target is lower than what she proposed in her failed presidential campaign in 2020 and more in line with President Joe Biden’s most recent budget proposal.

Biden is expected to headline the opening night of the Democratic National Convention on Monday with a speech on why he believes Harris is the right person to take the presidency.

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