Harris Discusses Corporate Tax Rate

The Democratic National Convention has kicked off, and Vice President Kamala Harris is already making waves with her first major policy proposal as the party’s presidential nominee.

On Monday, Harris called for a significant increase in the corporate tax rate, proposing to raise it from 21% to 28%. This move is part of her broader plan to boost the economy for the middle class while ensuring that big corporations and billionaires contribute their fair share.

So, what’s the big idea behind this proposal? According to the Harris campaign, the increased tax revenue would be used to support working families and address economic challenges such as the cost of homeownership, medical debt, and expanding the child tax credit.

Harris’s spokesperson, James Singer, emphasized that the vice president’s goal is to create an “opportunity economy” that enhances economic security and dignity for the middle class. In essence, Harris wants to put more money back into the pockets of everyday Americans by making sure that the wealthiest individuals and corporations are contributing more.

This proposal, if enacted, would undo a significant portion of the 2017 tax cuts implemented under former President Donald Trump, which lowered the corporate tax rate from 35% to 21%. Harris’s plan to raise the rate to 28% aligns closely with President Biden’s recent budget proposal, signaling a continuation of the administration’s focus on tax reforms aimed at large businesses.

But as you might expect, not everyone is on board with this idea. The Trump campaign quickly responded, with Trump himself pledging to further cut taxes if he wins the White House again. At a campaign event in York, Pennsylvania, Trump touted his past tax cuts as the “best tax cut in history” and promised even more reductions in the future. He also hinted at using tariffs as a tool to boost American industry, a move that Harris’s campaign argues would hurt working-class Americans.

Jason Miller, a senior adviser to Trump, didn’t mince words in his critique of Harris’s proposal, predicting that it would stifle economic growth, reduce hiring, and deter investment.

Alex Castellanos, a seasoned Republican strategist, weighed in by suggesting that Harris’s policy stance could backfire at the polls. He argued that increasing corporate taxes could indirectly harm workers by hurting the companies they depend on for jobs.

This debate over tax policy is likely just the beginning as Harris starts to roll out more details about how she would govern if elected. With portions of the Trump tax cuts set to expire at the end of 2025, the issue of tax rates is sure to be a hot topic in the coming months.